FalconX, a cryptocurrency exchange aimed at institutional investors, has raised $ 50 million from Tiger Global and B Capital Group, and further highlights that digital assets are becoming increasingly popular.
FalconX did not specify how the funds will be distributed, but if this is similar to the previous fundraiser, the money will probably go to expand the business.
In May 2020, FalconX raised $ 17 million to fund several development initiatives, including adding new infrastructure and expanding its product portfolio. At the time, FalconX told Cointelegraph that they used computer science to provide a more competitive trading environment for professional investors.
In addition to Tiger Global and B Capital Group, FalconX is supported by major players such as Accel, Coinbase Ventures and Avon Ventures, a venture capital firm affiliated with Fidelity Investments through FMR LLC.
Scott Schleifer, a partner at Tiger Capital, described FalconX as “a potential industry leader in the institutional cryptocurrency market.” The increase in the stock market over the past year seems to indicate that it is moving in that direction. FalconX claims that net income has grown 46 times in the last 12 months due to increasing institutional demand for cryptocurrencies.
The arrival of institutional investors has been one of the biggest stories about cryptocurrency in 2020. The trend seems to be picking up as Wall Street explores new ways to display digital assets.
As Cointelegraph recently reported, JPMorgan Chase is launching a cryptocurrency interaction basket to provide direct access to 11 cryptocurrency companies. As a new debt instrument, Cart allocates 20% MicroStrategy, 18% Square and 15% Riot Blockchain.