Digital asset trading platform FalconX has secured $17m in funding to further its growth.
Investors include Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures.
The company plans to use the new proceeds to launch new products and improve its infrastructure to support growing institutional demand for cryptocurrency.
The funding will also be used to expand trade execution suite.
FalconX CEO and co-founder Raghu Yarlagadda said: “We’re entering an era defined by the true digitisation 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 digitisation 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.”
Founded in 2018, FalconX functions as an operating system supporting global crypto trading. The company has offices in Silicon Valley, Chicago, Bengaluru, and Malta.
According to the company, FalconX has generated $7bn in global trading volume over the last ten months. It counts more than 100 financial institutions.
Accel general partner Shekhar Kirani said: “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.”