FalconX, a cryptocurrency financial services platform, has closed a funding round on $50m.
Tiger Global and B Capital Group served as the lead investor, with commitments also coming from existing backers Accel, Accomplice VC, American Express Ventures.
Other commitments come from Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures.
These funds will be used to increase its team and expand its business lines to support market growth.
The FinTech offers a single platform for institutions accessing the crypto market. It offers institutions with robust transactional infrastructure.
It claims that over the past year, it has grown its net revenue by 46-times, driven by increased demand for cryptocurrencies from institutional investors, it claims.
Tiger Global partner Scott Shleifer said, “FalconX is at the centre of cryptocurrency’s institutional growth, providing a one-stop-shop for cryptocurrency trading, credit and clearing. We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market with many years of sustainable and profitable growth ahead.”
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