Crypto Firm FalconX Doubles Valuation To $8 Billion, Despite Market Crash
Crypto platform FalconX doubles valuation to $8 billion in new funding roundDigital assets platform FalconX was valued at $8 billion in a new funding round led by Singapore's sovereign wealth fund GIC and B Capital, more than doubling its valuation in 10 months, its chief executive and founder Raghu Yarlagadda told Reuters, despite the recent slump in crypto markets.This funding round totaled $150 million from new and existing investors, bringing fresh capital to the company, even with an unfavorable market environment for cryptocurrencies.
Not all the money will go the company's coffers as some investors also sold an undisclosed stake in FalconX.In a funding round concluded in August, FalconX had been valued at $3.75 billion.The deal comes as FalconX plans to increase its workforce by 30% in the coming months, adding 55 new employees to the company.
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