FalconX, the institutional-level digital asset platform, announced that it has closed a $150 million Series D round.

FalconX more than doubles its valuation

The investment round, completed in early June, values FalconX at $8 billion, more than doubling its previous Series C round valuation of $3.75 billion. The funding round was led by Singaporean sovereign wealth fund GIC and Facebook’s Eduardo Saverin-backed B Capital Group. Other notable investors were Tiger Global Management, Adams Street, and Thoma Bravo.

“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies,” said Raghu Yarlagadda, CEO and founder, in the release. “In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider.”

What is FalconX?

Institutional investors access crypto strategies through the FalconX platform through a single interface. Additionally, it provides a solution to let banks and fintech companies sell cryptocurrency products. According to the firm, it onboarded a large number of customers during the first quarter of the year, contributing to its high valuation.

The latest investment round will help FalconX enable new markets for its institutional customers and provide new products as the firm believes that despite the recent market volatility, it claims that there is still a significant demand for its services from a broad spectrum of institutional clients.