Crypto platform FalconX valuation jumps to $8 bln in new funding round

Digital assets platform FalconX was valued at $8 billion in a new funding round.

The round was led by Singapore’s sovereign wealth fund GIC and B Capital.

FalconX’s new valuation more than doubled its valuation in 10 months despite a the recent slump in crypto markets.

This funding round totaled $150 million from new and existing investors.

The funding is timely as FalconX plans to increase its workforce by 30% in the coming months, adding 55 new employees to the company.

FalconX also intends to use the proceeds in acquisitions, technology and data analytics, expanding its services to institutions from trading execution, credit and prime brokerage.

New investors in the company include private equity firm Thoma Bravo and Adams Street Capital.

Existing investors Tiger Global Management, Thoma Bravo and Wellington Management poured more money in FalconX.