FalconX, a US-based digital assets prime brokerage, has boosted its international footprint by launching its services in Singapore.
The company has hired Matt Long as general manager and Ave King as chief compliance officer in Singapore.
Besides, the company also announced the launch of its OTC derivatives business in Singapore, which serve institutional clients across APAC.
FalconX CEO Raghu Yarlagadda said: “Expanding internationally to Singapore is a strategic move, as it’s known globally for its heavy investment in the future of blockchain and digital finance.
“With Matt and Ave at the helm, the Singapore team is poised to accelerate FalconX’s growth in APAC as we continue to shape the future of finance on a global scale.”
The company’s foray into Singapore market follows closure of its $150m Series D funding round in late 2022.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The company raised the fund at a valuation of $8bn. The round was led by B Capital and Singapore’s sovereign wealth fund GIC.
Singapore is said to be the fourth most “crypto ready” city in the world, after London, New York, and Dubai.
FalconX noted that it is registering good demand from a wide array of institutional market participants such as hedge funds, asset managers, venture capital firms, and family offices.
Long commented: “Our goal is to provide Singapore and APAC institutions access to our world-leading expertise in digital asset OTC derivatives and as we seek to obtain the appropriate licenses in Singapore and across APAC, deliver the complete FalconX prime solution which includes access to the world’s deepest pools of spot liquidity, staking, credit, portfolio margining, reporting and risk management.”