Crypto Platform FalconX Quintuples Valuation to $3.75 Billion

FalconX, a cryptocurrency and digital-asset trading platform, has more than quintupled its valuation in five months to $3.75 billion, founder and Chief Executive Officer Raghu Yarlagadda said in an interview.

The San Mateo, California-based startup raised $210 million in a funding round led by Altimeter Capital, Sapphire Ventures, B Capital Group and Tiger Global Management, he said. Amex Ventures, an arm of American Express Co., and Mirae Asset also participated.

The company, which has been profitable for roughly a year, saw its revenue grow by a multiple of 30 times in the 12 months to June 30, Yarlagadda said, declining to provide specifics. He said investors established conviction around the company in part due to its growth trajectory and gross margin profile of close to 80%, a similar level to some enterprise software companies.

“We’re excited to back a market leader in an industry in the early innings of strong secular growth,” Altimeter Capital founder and CEO Brad Gerstner said in an emailed statement. “FalconX’s product velocity and pace of innovation is remarkable and we believe will play an important role in the future of financial and crypto market infrastructure.”

The company’s customer-triggered monthly transaction volume has reached over $10 billion, Yarlagadda said. FalconX is able to provide clients -- including hedge funds, venture funds and payment providers -- with more reliable pricing due to its connectivity with over 100 venues, including cryptocurrency exchanges like Coinbase and FTX, proprietary trading firms and OTC desks, he said.

Yarlagadda said FalconX will spend its fresh funding on scaling up, including by hiring staff to further build its technical infrastructure, global expansion -- especially in Asia -- and launching products inspired by customer requests such as a delayed settlement product, which allows institutions to settle in 20 business days. FalconX doesn’t itself take on exposure to market movements by over-collateralizing loans and reserving the right to liquidate positions, he said.

“As institutional investors continue entering the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs,” Scott Shleifer, a partner at Tiger Global Management, said in an emailed statement. “We’re excited to double down on the leading one-stop-shop for institutional trading, credit and clearing,” he said, referencing Tiger’s backing of FalconX earlier this year at a $675 million valuation.

FalconX’s existing investors include Coinbase Ventures, Accel, Lightspeed Venture Partners and Avon Ventures, which is affiliated with FMR LLC, the parent of Fidelity Investments. Its clients include Galois Capital, QCP Capital, Hehmeyer and Three Arrows Capital, its website shows.

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