Despite a rocky couple of months for crypto, San Francisco-based FalconX locked up a $150 million Series D and more than doubled its valuation from just 10 months ago.
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FalconX’s platform allows institutions to access and manage their crypto assets. In its release, the company said the first quarter of the year was its strongest ever for customer onboarding—despite the tumult the crypto market has gone through.
“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 Raghu Yarlagadda, CEO and founder, in the release. “In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider.”
The crypto market has had a rocky go of it this year for investors. The two largest cryptocurrencies—Bitcoin and Ether—have lost more than half their value from their November highs. In addition, the industry saw one of its stablecoins completely collapse, and in the last two weeks, large lending platforms Babel Finance and Celsius Network suspended withdrawals and transfers due to market uncertainty and liquidity issues.
Despite all of that, high valuations are not new in the space. Last year saw more than 30 new unicorns born in the sector, including FalconX. This year already has seen more than a dozen, including Binance.US—the American franchise of Binance—and Miami-based Yuga Labs
Illustration: Dom Guzman
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