FalconX announced raising $17 million for its crypto service

The crypto industry spent the last several weeks, if not months, focusing on Bitcoin, its third halving, and of course, the coronavirus pandemic. While all important issues, they took the attention away from plenty of other important events in the crypto industry. One of them is the advancement of companies in the sector that were working on maturing and improving their services.

FalconX raises $17 million

One example is FalconX, a crypto trading service that recently announced that it managed to raise as much as $17 million to date. The company has plenty of major names for its investors, including Coinbase Ventures, Avon Ventures, Accomplice, Flybridge, Lightspeed, and others.

With $17M in financing, I’m excited to introduce @falconxnetwork’s vision to power the future of digital assets! We’re honored to have the backing of leading investors like @Accel, @Accomplices, @Coinbase, @Flybridge & @Lightspeedvp. https://t.co/hOQv8eKqo1

More details 👇

— Raghu Yarlagadda (@2Ragu) May 13, 2020

The list goes on and on, proving that there are more than a few capital shops that are willing to invest in FalconX. In extent, it serves as proof that there are mainstream ventures that are interested in crypto-centric firms, even if only in some of them.

FalconX attracts attention rather easily, and it is very transparent and easy to understand what it does. The firm simply helps with providing pricing information in regard to digital currencies. In other words, it offers the best price for a certain period.

How does it all work?

Of course, just because it sounds simple, it doesn’t mean that it is. Everyone knows that the crypto world is filled with exchanges these days. With each of them offering their own prices, the entire space is rather chaotic. Not to mention the fact that many are faking trading volumes, and other difficulties that can interfere with offering precise prices.

However, FalconX does a pretty good job, and its focus is on institutional clients. The firm earns money from trading fees, but it does it in two ways. One is by offering crypto prices with its own fees included. The other is a fixed-fee model. According to the company, traditional customers prefer the visible-fee model, while those native to the crypto world prefer the other one.

Regardless, FalconX managed to form a rather large and loyal customer base, and it saw $7 billion in volume within only 10 months. This report is likely what attracted so many investors. That, and the fact that it uses advanced internal on-chain analytics to keep track of transactions and prevent money laundering and similar issues.

As the company keeps advancing and maturing, it is likely that it will continue to attract attention, so it might be worth keeping an eye on.