Crypto companies have the potential to expand their services thanks to investors. For example, one cryptocurrency trading platform raised millions of dollars as part of a pre-seed round. The name of this trading platform is FalconX.
This cryptocurrency trading platform provides the best trade execution. It provides the best available prices and minimal slippage. According to the firm, the idea is to provide the base trading layer that mainstream financial institutions need when it comes to entering the digital asset class.
Importantly, FalconX provides a solution to wash trading. As a reminder, wash trading happens when exchanges or crypto projects trade against themselves to inflate prices. Thus, the prices go up and exchanges dump assets on unsuspecting investors. Thanks to FalconX, it is possible to tackle problems such as “wash volume” etc.
According to the cryptocurrency trading platform it has around 100 clients. For instance, hedge funds, proprietary firms as well as some crypto mining companies and crypto exchanges.
Interestingly, FalconX plans to spend $17 million it raised on new products as well as to expand trade execution suite. Also, it wants to expand the company.
FalconX and Accel
Notably, FalconX made an important announcement about a pre-seed round several days ago. According to the announcement, it raised a total of $17 million in a round led by Accel. Furthermore, Accel has Facebook as well as Slack in its portfolio. Famous such as Coinbase Ventures, Fenbushi Capital, and Land Avon Ventures also invested in FalconX.
The cryptocurrency trading platform should be proud of this result. For instance, social media giant Facebook raised $12.7 million in Series A funding back in 2005. However, Facebook is worth more than $600 billion. Importantly, Series A funding round was also led by Accel. Also, a pre-seed round is two to three raises behind a Series A.
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