It was back in 2020 that it disclosed that it had obtained $17 million, which is intended to use in several of its growth initiatives. A top company official in one of the interviews said that they had been considering making major expansions to their product offerings and new infrastructure. The firm valued professional investors and wanted to serve them with a more competitive trading environment.
The funds and their use
FalconX is this time around pleased to pronounce that it got $50 million from B Capital Group and Tiger Global. The firm is happy about the latest development, outlining that digital assets are quickly becoming more mainstream.
Many people looked forward to seeing the firm speak out on how it planned to deploy the funds, but it remains tight-lipped about the matter. However, analysts think that to understand future portends; it is important to consider the previous fundraisers. In case these analysts are right, it then implies that the money might be channeled towards business development undertakings.
It is impressive that the firm enjoys Tiger Global and B Capital Group’s backup, but it is also important to outline that the two are not the only ones supporting FalconX. Reports show major players like Avon Ventures, Accel, and Coinbase Ventures are at the front line supporting the firm.
FalconX thrives in the markets
A partner at Tiger Capital, known as Scott Shleifer, considers FalconX one of the top business leaders in the cryptocurrency segment. The official supports his argument by highlighting the immense success the exchange has been witnessing over the past. He exudes confidence that FalconX is on track to achieve significant success in the diverse market.
FalconX has given out a statement revealing details about its net revenue. According to the exchange, the figures have expanded about 46 times over the past year. It explains the change outlining that there has been outstanding institutional demand for cryptocurrency.
Analysts say that 2020 was an outstanding year, citing institutional investors’ arrival in the cryptocurrency segment. They move ahead to disclose that the tern has been growing a huge deal in terms of intensity.