On Thursday, one of the top cryptocurrency trading platforms, FalconX, shared some of the company’s good news with the world. The news was shared via their Twitter page that they had just secured fifty million dollars in investments. This was made possible via investments from Tiger Global, as well as B Capital Group. This investment was in VC funding, which makes its total value rise to about six hundred and seventy-five million dollars.
In the past year, FalconX also revealed that its general revenue had risen by about 46%. This stemmed from an extremely high demand for cryptocurrency by investors. The demand was mostly for two crypto coins— Bitcoin and Ethereum.
Bitcoin had witnessed an increase of about 170% or over, while Ethereum experienced about 110% of growth. This alone was enough to increase FalconX’s monthly rates to about three billion dollars. If that’s not massive growth in a short given time, wonder what is.
Besides the growth in figures, these cryptocurrencies also grew in popularity by spiking a lot of interest amongst people. The rise in Bitcoin is also one of the contributory factors which have made the cryptocurrency industry more desirable.
In December 2020, one of the founders of FalconX, Raghu Yarlagadda— who holds the CEO position— gave a speech at the Global Investors Conference, where he talked of the position of FalconX in the crypto world. He classified FalconX as an institutional platform for trading cryptocurrencies. He also said that it is one of the largest brokers around— both in terms of volume as well as investors.
Scott Shleifer, one of the partners at Tiger Global, openly stated his belief in the cryptocurrency institution, FalconX. He was of the opinion that FalconX can— in a short time— become an influential leader in the online trading world.
The broker had about four to five investors in its maiden stage, who all contributed to its growth. They include Coinbase Ventures, Lightspeed, Avon Ventures, Accel, and Accomplice. AmEx also joined this group of investors to invest in FalconX.
One of FalconX main principles and aim was to build and develop an establishment that hoped to address major issues present in the crypto market. So far, it has been living up to its set standards.