The United States-based crypto company FalconX has recently secured $150 million in a funding round led by investment giants B Capital and GIC. With the new fundraiser, the company has surged its valuation to $8 billion.
Excited to announce our $150M #SeriesD led by GIC and @BCapitalGroup. Institutional #crypto is alive and well, and alongside the world’s leading investors, we’re powering the next stages of #digitalasset transformation. https://t.co/s2fBOVwcdv pic.twitter.com/Lmm2AAzPXL
— FalconX (@falconxnetwork) June 22, 2022
Apart from the two big names which led the funding round, other major investors include Thoma Bravo, Adams Street Partners, Tiger Global Management, and Wellington Management.
FalconX doubled its valuation in 10 months
During an interview with Reuters, the founder and CEO of FalconX, Raghu Yarlagadda, revealed that his company has almost doubled its valuation in the past ten months from around $4 billion to $8 billion. He says that the numerous funding rounds, including the latest $150 million, have been the constant source of motivation for the company to grow.
The CEO went on the inform that FalconX has decided to distribute new funding into data analytics, new acquisitions, and technology. It has also planned to expand its services to clients in credit, prime brokerage, and trading fields. Specifically, the trading platform is willing to add 55 new employees to its team, which would be a 30% increase in its total staff. Yarlagadda said:
“Over the next 12 to 18 months, we do expect a very volatile market. And given that volatility, we see very strong opportunities for acquisition.”
There are two sides of the river for crypto exchanges this crypto winter. Some, like FalconX, want to hire more employees this season, while others are laying off their workforce. Recently, as TheCoinRise reported, Coinbase decided to fire 18% of its global workforce while Gemini laid off about 10% of its staff. On the other hand, exchanges like Binance and Kraken are constantly looking for new opportunities. As TheCoinRise reported, Kraken promised to hire more than 500 new employees this year.
Crypto.com and Bybit are also recent examples of platforms that are planning to lay off some of their workforces. However, Bybit has assured that the company will compensate and support the job transition of the affected people.
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