The liquidity aggregator for institutions, FalconX has announced a $ 17 million donation round that will involve Coinbase Ventures, Accel and an investment company associated with FMR LLC, the parent company of Fidelity Investments.
FalconX will use the funds to scale its infrastructure, launch new products and expand its business execution engine..
The institutional liquidity aggregator raises USD 17 million
FalconX offers institutions access to illuminated “pools” and “dark pools”., including Market makers, miners and proprietary trading companiesby a single counterparty.
Speaking to Cointelegraph, a FalconX representative said the company uses “data science” [para] Derive fixed and guaranteed quotes over time through market or limit order books in highly dynamic “exchange order books that include multiple liquidity funds.
The spokesman added that data science is used to “compensate for low coverage rates, declines and unreliable infrastructures”. minimize the risk of a decline.
FalconX processes more than $ 7 billion in 10 months
FalconX was founded in 2018 by Raghu Yarlagadda and Prabhakar Reddand after they met at Harvard Business School the same year.
After building and testing the platform from May 2018 to February 2019, FalconX launched with a volume of $ 7 billion. since July 2019.
The spokesman explained this FalconX has attracted more than 100 institutional customers worldwide, “including hedge funds, proprietary trading companies, payment gateways, OTC trading counters, cryptocurrency miners, mutual funds and exchanges”.
The company now has offices in Malta (USA) and Bengaluru (India).
FalconX shuns the Indian market despite changes in regulations
Despite having an office in Bengaluru, FalconX does not serve customers from India.
In response to the lifting of the Reserve Bank of India ban on financial institutions offering banking services to cryptocurrency trading companies, the representative of FalconX said in March:
“We are pleased that the government is increasingly innovation-friendly and sees the market as an exciting growth opportunity.”
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