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Crypto Firm FalconX Valued at $8 Billion Following New Fundraiser

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US cryptocurrency platform FalconX has completed a $150 million fundraiser led by investment giants GIC and B Capital and its valuation has risen to $8 billion.

Despite the collapse, FalconX continues to evolve

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In a recent interview to Reuters, FalconX founder and CEO Raghu Yarlagadda said his company’s valuation was less than $4 billion 10 months ago. However, numerous rounds of funding, including the latest one for $150 million, have had a positive impact, and the marketplace’s total valuation has now risen to $8 billion.

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Yarlagadda said the new capital will be directed towards new acquisitions, data analytics and technology. The firm also intends to expand its services to clients in the lending and prime brokerage and trading sectors.

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In addition to GIC and B Capital, who led the funding, other notable investors included Thoma Bravo, Tiger Global Management, Adams Street Partners and Wellington Management.

Unlike many other exchanges such as CryptoCom and Coinbase, FalconX plans to expand its team with more people. In particular, he is ready to add 55 additional employees, which is 30% more than the total workforce.


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“Over the next 12-18 months, we expect a very volatile market. And given this volatility, we see very good acquisition opportunities,” the CEO explained.

Earlier this month, the world’s largest cryptocurrency exchange, Binance, announced similar intentions. CEO Changpeng Zhao has argued that the current bear market is the perfect time for his company to welcome new people. A few days later he doubled about ambition, revealing that Binance is looking to strengthen its 2,000-strong team.

Stock exchanges are having a hard time

It is worth noting that the fall of the cryptocurrency market had a negative impact on many leading platforms.

First, Coinbase said it would have to cut its team size by 18%. The head of the trading floor, Brian Armstrong, attributed the decision to a recession that is likely to hit the global economy in the coming months:

“It looks like we are entering a recession after more than 10 years of economic boom.”

CryptoCom and Bybit are other examples of platforms that will lay off some of their employees. The first will lay off 260 people (or 5% of the state), the second did not name the exact figure.

However, a Bybit spokesperson assured that those affected will receive some compensation and support when changing jobs.

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Credit : cryptopotato.com

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