• FalconX, a cryptocurrency trading startup, has reached unicorn status with its latest funding round

  • FalconX, an institutionally focused cryptocurrency trading desk, became a unicorn on Tuesday thanks to a $210 million series C funding round led in part by Tiger Global.

    The three-year-old Chicago-based company announced a $3.75 billion valuation. It received initial funding from Tiger Global, Altimeter Capital, Sapphire Ventures, and B Capital Group, as well as additional funding from a number of previous investors, including Coinbase Ventures, Fidelity’s ventures fund, Accel, and Avon.

    In a statement, Scott Shleifer, a partner at Tiger Global Management, which led FalconX’s previous funding round, said, “As institutional investors continue to enter the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs.” He stated that the hot venture capital firm was “doubling down” on FalconX.

    The round contributes to FalconX’s institutional growth at a time when the crypto industry is experiencing rapid growth. According to a press release from FalconX, revenue has increased 30x year on year.

    The new funding will help FalconX expand its product lines, which include trading services, credit, and clearing, as well as hire key executives and pursue acquisitions, according to the company.

    What's your reaction?