San Mateo, California-based Crypto exchange platform, FalconX saw an exceptional rise in its valuation by five times, to $3.75 billion in a period of just five months. The crypto exchange raised $210 million in their latest funding round led by Altimeter Capital, Sapphire Ventures, B Capital Group, and Tiger Global Management.
FalconX saw its revenue grow by a multiple of 30 times in 12 months period, till June 2021. The rapid revenue growth is dedicated to the company’s gross profit of nearly 80 percent. Investors have sought FalconX’s growth line to be hiking, comparing its gross profit with levels of enterprise software companies. FalconX Chief Executive Officer, Raghu Yarlagadda stated in an interview with Bloomberg.
“As institutional investors continue entering the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs…We’re excited to double down on the leading one-stop-shop for institutional trading, credit and clearing,”, said Scott Shleifer, a partner at Tiger Global Management, referring to the organization’s support shown to FalconX at the beginning of 2021 when the exchange was valued at just $675.
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The exchange’s monthly customer transaction volume has risen as high as $10 billion, in lieu of its prices, reach to more than 100 venues, and exchange giants for partners, like Coinbase and FTX, proprietary trading firms, and OTC desks. FalconX’s client base includes institutions, such as hedge funds, venture funds, and payment providers, and even individual retailers, and the consumer base is only expanding.
FalconX has announced the recent funding collection will be dedicated towards global expansion into the Asian nations. It will also launch demanded products like delayed settlement services, and facilitating 20 business days settlement period. Additionally, the exchange platform also aims to build technical infrastructure along with employee recruitment.
“We’re excited to back a market leader in an industry in the early innings of strong secular growth…FalconX’s product velocity and pace of innovation is remarkable and we believe will play an important role in the future of financial and crypto market infrastructure.”, said Altimeter Capital founder and CEO Brad Gerstner.