FalconX raises $ 17M from Coinbase, Accel and others

FalconX, a crypto-exchange dedicated to institutional traders, has just raised $ 17 million during a financing round led by the famous Californian venture capital company Accel.

Founded in 2018 in San Francisco, FalconX is a digital asset trading platform that offers fast, secure and reliable execution using the data science and artificial intelligence (AI) to eliminate slippage and hidden charges.

According to a press release, the startup recently collected $ 17 million with several prestigious investors.

Directed by Accel, fundraising has indeed attracted Accomplice VC, Coinbase, Fenbushi Capital, Flybridge Capital Partners, Lightspeed and Avon Ventures, a venture capital fund affiliated with FMR LLC (Fidelity Investments).

We are entering an era defined by true digitization of value – be it Bitcoin, Ethereum or new experiences like Libra or the Digital Yuan […] FalconX builds the connective tissue, with transparent discovery of prices, execution of transactions and transfer of value. Our technology will provide the infrastructure for the future of digital assets, "said Raghu Yarlagadda, co-founder of FalconX.

The young shoot will use the funding to develop new products and scale its infrastructure to support growing institutional demand in the cryptocurrency sector.

FalconX prides itself on serving more than 100 institutional clients such as hedge funds, payment gateways, over-the-counter trading offices, but also companies specializing in mining and several crypto exchanges, as well as having generated more than $ 7 billion in transaction volume in the past 10 months.

The founders of FalconX, Raghu Yarlagadda and Prabhakar Reddy, said potential customers must have approximately $ 10 million in assets under management to access the service.

FalconX has experienced exceptional growth with its institutional counterparts due to its focus on technology and reliability in volatile market conditions, ”added Shekhar Kirani, managing partner at Accel.