FalconX – a crypto exchange specialised in institutional investors – has reportedly secured $50 million from Tiger Global and B Capital Group, emphasizing again the mainstream development of crypto.
Specifically, FalconX reportedly did not offer specific details regarding the deployment of the project, but should it be similar to the previous fundraisers, the acquired funds will be mainly directed to business development.
FalconX reportedly secured $17 million in May last year, to financially support numerous growth projects, including putting in new infrastructure and widening the scope of its product offerings. At the time, FalconX shared that it utilized data science to offer a trading environment with an enhanced level of competitiveness for professional investors.
Apart from Tiger Global and B Capital Group, FalconX reportedly receives the support of numerous big names across the sector, nominally Accel, Coinbase Ventures and Avon Ventures – a venture capital entity associated with Fidelity Investments via FMR LLC.
Scott Shleifer, a partner at Tiger Capital, reportedly regards FalconX as a potential “industry leader in the institutional cryptocurrency market”, with the exchange platform’s growth pattern throughout the past year signaling that it is heading down on the right track.
FalconX reportedly disclosed that its net revenues have experienced a 46-time uplift throughout the last 12 months, contributed by higher institutional demand for cryptocurrency.
The presence of institutional investors was reportedly among crypto’s most major stories of last year. The trend reportedly seems to be magnified following Wall Street putting efforts to roll out additional methods for providing exposure to crypto assets.