E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Crypto»Crypto Firm FalconX Valued at $8 Billion Following New Fundraiser
Crypto

Crypto Firm FalconX Valued at $8 Billion Following New Fundraiser

By June 22, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

The US-based cryptocurrency platform FalconX closed a $150 million fundraiser led by the investment giants – GIC and B Capital, and its valuation surged to $8 billion.

Despite the Crash, FalconX Keeps Progressing

In a recent interview for Reuters, FalconX’s Founder and CEO – Raghu Yarlagadda- said his company’s valuation was less than $4 billion 10 months ago. The numerous funding rounds, including the latest for $150 million, though, had a positive impact, and now the trading venue’s total valuation has grown to $8 billion.

Yarlagadda asserted that the fresh capital will be distributed into new acquisitions, data analytics, and technology. The firm also intends to expand its services to clients from the credit and prime brokerage and trading sectors.

Apart from GIC and B Capital, which led the financing, other prominent investors included Thoma Bravo, Tiger Global Management, Adams Street Partners, and Wellington Management.

Unlike many other exchanges, such as CryptoCom and Coinbase, FalconX plans to expand its team with more people. Specifically, it is willing to add 55 additional employees, which would be a 30% increase in the total workforce.

“Over the next 12 to 18 months, we do expect a very volatile market. And given that volatility, we see very strong opportunities for acquisition,” the CEO explained.

Earlier this month, the world’s largest cryptocurrency exchange – Binance – revealed similar intentions. CEO Changpeng Zhao argued that the current bear market is the perfect time when his company can welcome new people. A few days later, he doubled down on the ambitions disclosing that Binance is looking to strengthen its team with 2,000 individuals.

Exchanges Going Through Tough Times

It is worth mentioning that the decline of the cryptocurrency market has negatively affected many of the leading platforms.

For one, Coinbase said it will have to reduce the size of its team by 18%. The head of the trading venue – Brian Armstrong – explained the decision with the recession that is likely to hit the global economy in the following months:

“We appear to be entering a recession after a 10+ year economic boom.”

CryptoCom and Bybit are other examples of platforms that will lay off some of their employees. The former will dismiss 260 people (or 5% of its staff), while the latter did not disclose an exact number.

However, a spokesperson at Bybit assured that the affected people will receive certain compensations and support with their job transitions.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.



[ad_2]

Source link

Related Posts

Report With an Eye on Mutual Settlements with China, Russia To Launch CBDC Early Next Year: Report

By September 28, 2022

China Cracks Down a $5.6 Billion Crypto Money-Laundering Scheme (Report)

By September 28, 2022

Binance Launches Training Program For Law Enforcement Agencies

By September 28, 2022

FTX US President Brett Harrison Steps Down

By September 27, 2022
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.