San Francisco-based FalconX, the cryptocurrency trading platform, has announced securing $17 million in a venture funding financing from a clutch of backers. The names that infused capital include Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures.
The firm was launched in 2018 by Prabhakar Reddy and Raghu Yarlagadda as a digital asset trading platform that utilizes data science and machine learning in order to offer the best solution to the users.The freshly raised capital will help the firm develop new products and expands its trade suite. It also plans to scale the infrastructure as the demand for cryptocurrency trading is increasing quickly.
Yarlagadda, the CEO of the platform talking about the firm said that “We’re entering an era defined by the true digitization of value – whether Bitcoin, Ethereum or new experiments such as Libra, or Digital Yuan – much like what we saw in the early 2000s with the digitization of information on the internet. For open, permissionless and truly global digital assets to be adopted by mainstream institutions, today’s digital financial infrastructure is grossly inadequate. FalconX is building the connective tissue, with seamless price discovery, trade execution, and value transfer. Our technology will provide the infrastructure for the future of digital assets.”
Accel general partner Shekhar Kirani is highly impressed by the kind of growth FalconX has shown over the years. “FalconX demonstrated exceptional growth with institutional counterparties through their focus on technology and reliability during volatile market conditions. They’ve proven themselves at scale without compromising on enterprise-grade security and high compliance standards – capturing a tremendous opportunity to serve the next generation of institutions looking to enter the digital asset space,” he said.
It will be interesting to see how the firm utilizes the current clutch of investment in order to attract more users on the platform by offering more products and services along the crypto spectrum.
Image courtesy: Bitcoin Exchange Guide