GIC, B Capital lead $150m round of global digital assets platform

FalconX, a digital assets platform for institutional investors, has raised US$150 million in series D financing led by GIC and B Capital. The fresh funds take the company’s valuation to US$8 billion.

The FalconX team / Photo credit: FalconX

Other investors who also participated include Tiger Global, Thoma Bravo, Wellington Management, and Adams Street.

Founded in 2018, FalconX allows institutions to access and manage all of their crypto strategies through a single interface, which includes trading, credit, and clearing functions. It has also created an infrastructure that allows institutional investors to tokenize traditional assets such as equities.

In 2022, FalconX recorded its strongest Q1 in terms of customer onboarding, which was driven by demand from institutional investors looking for an execution platform in volatile crypto markets, capital efficiency to scale returns, and risk management.

“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies,” said CEO Raghu Yarlagadda.

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Last month, the firm became the first-ever crypto-focused swap dealer to be registered at the Commodity Futures Trading Commission and a primary level member of the International Swaps & Derivatives Association.

The company is backed by investors including Accel, Altimeter Capital, American Express Ventures, Lightspeed Venture Partners, Sapphire Ventures, and Wellington Management.