Crypto Platform FalconX Soars To $8B Valuation After $150M Raise

Despite a rocky couple of months for crypto, San Francisco-based locked up a $150 million Series D and more than doubled its valuation from just 10 months ago.

The new round was led by and , and values the company at $8 billion. In August, the company closed a $210 million Series C at a $3.75 billion valuation.

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The round also included investment from , , and . FalconX has now raised more than $430 million, the company said.

FalconX鈥檚 platform allows institutions to access and manage their crypto assets. In its release, the company said the first quarter of the year was its strongest ever for聽 customer onboarding鈥攄espite the tumult the crypto market has gone through.

鈥淔alconX is one of the very few crypto prime brokerages who do not take on market risk, so we鈥檙e not in conflict with our clients and their trading strategies,鈥� said , CEO and founder, in the release. 鈥淚n light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider.鈥�

The crypto market has had a rocky go of it this year for investors. The two largest cryptocurrencies鈥擝itcoin and Ether鈥攈ave lost more than half their value from their November highs. In addition, the industry saw one of its stablecoins completely collapse, and in the last two weeks, large lending platforms and suspended withdrawals and transfers due to market uncertainty and liquidity issues.

Despite all of that, high valuations are not new in the space. Last year saw more than 30 new unicorns born in the sector, including FalconX. This year already has seen more than a dozen, including 鈥攖he American franchise of 鈥攁nd Miami-based