FalconX

What FalconX does

FalconX is a privately held digital asset prime brokerage founded in 2018 and headquartered in San Mateo, California. The company provides institutional clients — including hedge funds, asset managers, corporate treasuries (protocols, miners, fintechs), family offices, venture funds, banks, and financial institutions — with integrated trading, financing, custody, and risk management services across digital asset markets. As of mid-2026, FalconX operates from 7 global offices (San Mateo, New York, London, Valletta, Bengaluru, Singapore, Hong Kong) with approximately 350 employees, a 35% YoY headcount growth rate, and a regulatory footprint spanning CFTC swap dealer registration (FalconX Bravo), MiCA authorization in Malta, FinCEN MSB registration, and money transmitter licensing in 27+ US states.

The company's core technology is the FalconX 360 unified platform, which consolidates spot, derivatives, and FX trading (across 400+ tokens and 50+ venues via smart order routing), margin lending and structured credit (up to 5x leverage), MPC-based custody with staking support, Direct Market Access (DMA) with cross-venue portfolio margining, 24/7 electronic options, and ETF liquidity provision into a single institutional stack accessible via UI, REST API, WebSocket, and FIX protocols. Two wholly owned subsidiaries — 21shares (acquired November 2025, managing $11B+ across 59 ETPs on 13 exchanges) and bloXroute (acquired July 2026, blockchain networking infrastructure) — extend the platform into regulated ETP distribution and low-latency on-chain connectivity.

FalconX's business model is enterprise-only with bespoke, quote-driven pricing across all revenue streams: transaction-based spreads/commissions on trading and electronic options, interest income from margin loans and the $1B FALX Structured Credit Facility, custody and staking fee arrangements, ETF liquidity provision and structuring fees, and FX services across 13 electronic and 120+ OTC currencies. Go-to-market is exclusively direct enterprise sales with 24/7/365 dedicated coverage. The company has cumulatively executed over $2.5 trillion in trading volume since inception, was last valued at $8 billion in its June 2022 Series D, and filed a confidential draft S-1 with the SEC in May 2026 in preparation for a potential IPO.

Name

FalconX

Legal name

FalconX Limited

Website

https://falconx.io

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

501–1,000 employees

Short description

FalconX is a privately held digital asset prime brokerage founded in 2018, providing institutional clients with integrated trading, financing, custody, and risk management across 400+ tokens and 50+ venues via its FalconX 360 platform, supported by subsidiaries 21shares ($11B AUM) and bloXroute.

Ownership category

akta.pro rank

Product category

Digital Asset Prime Brokerage

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)

akta.pro secondary industries

Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Fiat On/Off-Ramps & Payment Rails (Exchange-Operated) (FSADAAAF)

Keywords

• Digital asset prime brokerage
• Institutional crypto trading
• Crypto financing services
• Digital asset custody
• Electronic options trading

Headquarters

HQ city

San Mateo

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Trading & Liquidity Services: FalconX generates revenue by providing deep institutional liquidity across spot, derivatives, and FX markets. Revenue is earned through spreads and commissions on executed trades across 400+ tokens. The platform aggregates 50+ venues to secure competitive pricing for clients. Trading revenue includes electronic trading via RFQ/Streaming, OTC block trades, and derivatives execution.
2. Prime Brokerage Financing & Lending: FalconX provides margin loans, OTC lending, DMA credit facilities, and structured credit products to institutional clients. Revenue is generated through interest on loans and credit facilities. The firm offers up to 5x leverage for capital-efficient trading, with fixed and open-term loans across digital assets. The FALX Structured Credit Facility targets up to $1 billion in scale.
3. Custody & Staking Services: FalconX provides integrated custody using MPC technology and staking infrastructure across multiple networks. Clients can stake assets and use staked positions as collateral for financing, generating revenue through custody fees and staking reward sharing arrangements.
4. ETF Solutions: FalconX supports global ETF issuers with liquidity provision, product ideation, and operational infrastructure for digital asset ETFs. Revenue is derived from liquidity provision fees and advisory/structuring fees for designing and launching ETF products.
5. Electronic Options: FalconX provides 24/7 electronic OTC crypto options through its FalconX Bravo subsidiary (CFTC-registered swap dealer). Revenue is generated through spreads and commissions on options trades, with principal liquidity providing price improvement over public markets.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

FalconX is an institutional digital asset prime brokerage that provides trading (spot, derivatives, FX), financing (margin loans, OTC lending, structured credit), custody (MPC-based with staking), and direct market access across 50+ venues and 400+ tokens. The company operates the FalconX 360 unified platform, serving hedge funds, asset managers, banks, corporate treasuries, and other institutional clients with 24/7/365 coverage across US, EMEA, and APAC.

Product overview

FalconX operates as a platform-plus-modules architecture providing comprehensive digital asset prime brokerage services. The core platform is FalconX 360, an all-in-one unified platform integrating trading, financing, custody, and risk management capabilities. Supporting the platform are distinct product modules: Trading (spot/derivatives/FX), Financing (margin loans, OTC lending, structured products, yield generation), Custody (MPC-based with staking), Direct Market Access (multi-exchange connectivity), ETF Solutions, and Electronic Options (24/7 options trading). The company has expanded into tokenized assets including Gold (PAXG, XAU₮) and Real-World Asset (RWA) credit products like the FALX Structured Credit Facility and PRISM yield portfolio. Partnerships with Sygnum Bank enable tokenized credit while ClearLoop Loans integrates with Copper's off-exchange settlement network. Recent innovations include OTC Compute Forward trades via Ornn's price index and Banking Circle-powered global fiat settlement.

Differentiator

Problem solved

Functional benefit

Brands

• FalconX Bravo, Inc. CFTC-registered swap dealer entity providing options and forwards trading in the US.
• FalconX 360
• Electronic Options

Products and services

• FalconX 360 All-in-one unified platform for seamless electronic trading, financing, custody, and operations, providing unified portfolio management, consolidated cashflows, transaction histories, and cross-venue margin management for institutional clients.
• Institutional Trading Spot, derivatives, and foreign exchange trading services providing access to deep global crypto liquidity via electronic trading (RFQ/Streaming) and OTC execution across 400+ tokens, aggregated from 50+ venues.
• Prime Brokerage Financing Institutional financing desk offering margin loans, OTC lending, DMA credit facilities, structured products, and yield generation on idle assets, with up to 5x leverage and cross-venue portfolio margining.
• Institutional Custody Integrated prime custody solution with MPC (Multi-Party Computation) technology, customizable policy engine, comprehensive digital asset insurance, and multi-network staking support allowing staked assets to serve as collateral.
• Direct Market Access (DMA) One account with one line of credit providing direct cross-margined access to global exchanges (Binance, OKX, Bybit, Deribit, Hyperliquid) with One-Click Borrow, cross-venue portfolio margining, and netted exposure across venues.
• ETF Solutions Liquidity provision, product design, and operational infrastructure for digital asset ETF issuers, supporting primary, secondary, and tertiary trading opportunities with options expertise for actively managed products.
• Electronic Options 24/7 institutional crypto options trading through electronic execution via UI or API with proprietary principal liquidity, advanced strategy builder for complex structures, and multi-leg order construction. Supports BTC, ETH, SOL, and HYPE.
• FALX Structured Credit Facility $1 billion RWA credit facility providing onchain access to overcollateralized prime brokerage lending through smart contracts, with intra-month subscriptions, real-time interest accrual, and fixed monthly interest rates.
• ClearLoop Loans Institutional financing combining FalconX's prime brokerage lending with Copper's off-exchange settlement network, allowing borrowing with loan proceeds deposited into ClearLoop accounts for cross-venue margining across Bybit, Deribit, and OKX.
• OTC Compute Forward OTC swap referencing forward price of compute via Ornn Compute Price Index for Nvidia H100 (OCPI H100), enabling institutional compute price discovery, risk transfer, and liquid hedging markets for AI infrastructure.
• Tokenized Gold Trading Institutional support for PAX Gold (PAXG) and Tether Gold (XAU₮) enabling spot trading, instant on-chain settlement, integration into lending and portfolio margin framework as collateral, and derivatives access via Hyperliquid HIP-3 markets.

Quantifiable outcome

• FalconX consistently outperforms major global crypto exchanges in BTC and ETH trades over 90% of the time (2024 performance, assuming 3 bps exchange fees and no slippage)
• +5 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature9 records

Partnerships

19 partnerships are on record, tiered core, strategic and minor.

• bloXroutecoreTechnology or Integration · 16 July 2026bloXroute is a blockchain trading and networking technology company that provides low-latency blockchain connectivity networks. FalconX acquired bloXroute to combine its institutional trading platform with bloXroute's blockchain networking infrastructure, enhancing on-chain execution speed and efficiency while building new trading, financing, and prime brokerage capabilities for tokenized markets.
• bloXroutecoreTechnology or Integration · 15 July 2026FalconX acquired bloXroute, a blockchain networking and trading infrastructure company founded in 2017, in July 2026. The acquisition combines FalconX's institutional trading platform with bloXroute's low-latency blockchain connectivity networks to accelerate development of trading, financing, and prime brokerage capabilities for tokenized markets as traditional and digital asset markets converge on-chain.
• Standard CharteredstrategicTechnology or Integration · 3 July 2026Standard Chartered secured MiCA authorization from Luxembourg regulators alongside FalconX's MiCA authorization in Malta. Standard Chartered partnered with FalconX for digital asset custody services, and FalconX was listed among ESMA's MiCA register alongside Standard Chartered in the 280 authorized CASPs. Standard Chartered also became custodian for 21shares crypto ETPs, replacing Zodia Custody.
• PlumecoreStrategic or Co-development Partner · 30 June 2026FalconX and Plume launched the FALX Structured Credit Facility, a $1 billion targeted on-chain credit product providing institutional access to overcollateralized prime brokerage lending. The vault is deployed on Plume across Ethereum and Solana with Pareto as credit infrastructure provider and M11 Credit as manager. It offers fixed monthly interest rates and intra-month subscriptions with prorated yield.
• HyperliquidcoreTechnology or Integration · 27 June 2026FalconX launched prime brokerage margin financing for trading on Hyperliquid (leading DeFi derivatives venue), allowing up to 5x leverage on the platform. For FalconX DMA clients, margin can be managed across Hyperliquid and other DMA venues (Binance, OKX, Bybit, Deribit) with portfolio-level netting. FalconX was also the first prime broker to support Hyperliquid HYPE token trading and ETF liquidity.
• MoonPay (Liquidity Partnership)strategicChannel Partner/ Reseller/ Distributor · 22 June 2026MoonPay partnered with FalconX for institutional liquidity access as it expands from crypto on-ramps into a broader monetization model built around execution, FX, financing, and settlement. FalconX serves as MoonPay's primary institutional liquidity provider for its platform's digital asset trading needs.
• Hashi (Sui Foundation)minorStrategic or Co-development Partner · 19 June 2026FalconX is an early participant in Hashi, a Bitcoin-backed lending protocol on Sui blockchain developed by Mysten Labs. Hashi enables Bitcoin holders to earn yield through on-chain lending using multi-party computation custody and ERC-3643 identity-aware tokens. FalconX joined BitGo, Bullish, Ledger, and other institutional partners in the Hashi coalition.
• CoppercoreTechnology or Integration · 16 June 2026FalconX and Copper partnered to launch ClearLoop Loans, integrating FalconX's institutional lending platform with Copper's existing off-exchange settlement network. Eligible clients borrow directly from FalconX with proceeds deposited into their ClearLoop accounts, enabling trading across Bybit, Deribit, and OKX while maintaining off-exchange custody with Copper. The integration supports cross-venue portfolio margining and centralized risk management.
• TaurusstrategicTechnology or Integration · 15 June 2026FalconX joined Taurus-NETWORK, the interbank settlement and collateral system for digital assets operated by Swiss infrastructure provider Taurus. As a member, FalconX provides liquidity and financing solutions to other network participants globally and supports development of new use cases in collateral management, lending and borrowing, and derivatives. Taurus-NETWORK launched in April 2025 and connects regulated financial institutions across four continents and ten jurisdictions.
• BitGostrategicTechnology or Integration · 15 June 2026BitGo serves as a key custody partner for 21shares ETPs (US and Europe), providing qualified custody, trading execution, and integrated staking infrastructure. FalconX's acquisition of 21shares extends this partnership, with BitGo providing custody for 21shares' crypto ETP products across jurisdictions under its MiCA-licensed German operations.
• BitGostrategicTechnology or Integration · 15 June 2026BitGo provides custody and staking services for 21shares crypto ETPs in the US and Europe, through its OCC-approved federally chartered trust bank and MiCA-licensed operations in Germany. 21shares, a FalconX subsidiary, manages over $5.4 billion in assets across 59 ETPs listed on 13 exchanges under this arrangement.
• Banking CirclestrategicTechnology or Integration · 10 June 2026FalconX integrated Banking Circle's banking and payments infrastructure to enhance global fiat settlement capabilities and expand access to key payment networks, including onshore Australian dollar rails. The integration enables faster and more efficient institutional settlement flows through Banking Circle's BC-NOW network, streamlining treasury operations and cross-border fund movement.
• KalshistrategicStrategic or Co-development Partner · 2 June 2026FalconX partnered with Kalshi (the world's largest prediction market by monthly trading volume) to provide institutional clients access to event-driven markets through structured derivatives and block trade execution. FalconX enables clients to hedge event-driven risks across crypto, macro, and global elections through Kalshi's regulated exchange, while FalconX serves as a dedicated market maker for future block trades.
• CME GroupstrategicTechnology or Integration · 6 May 2026FalconX has executed first trades for multiple CME Group crypto futures products including Avalanche (AVAX), Sui (SUI), Cardano (ADA), Chainlink (LINK), and Stellar (XLM) futures. FalconX serves as a key liquidity provider and first executing party for new CME crypto derivatives, supporting institutional demand for regulated crypto risk management tools.
• Sygnum BankcoreStrategic or Co-development Partner · 5 May 2026FalconX and Sygnum Bank partnered to bridge regulated banking and on-chain tokenized credit. Sygnum Bank acts as lender of record on behalf of eligible clients, enabling them to participate in FalconX's on-chain structured credit facility through its Desygnate platform. The structure uses Pareto for credit infrastructure, M11 Credit as Administrative Agent, and Keyring for compliance verification. This represents a structural shift in how institutional credit is accessed in digital assets.
• MoonPaystrategicStrategic or Co-development Partner · 24 March 2026FalconX partnered with MoonPay to provide institutional-grade liquidity and execution across supported digital assets on MoonPay's global platform. MoonPay accesses FalconX's deep institutional liquidity pool for competitive pricing and reliable execution. The companies are also integrating FalconX's FX liquidity for global settlement and exploring revolving credit facilities from FalconX's institutional lending desk.
• Fireblocks TruststrategicTechnology or Integration · 4 February 2026FalconX integrated Fireblocks Trust Company (NYDFS-regulated qualified custodian) to provide seamless access to qualified digital asset custody for US clients. Assets are held in segregated, bankruptcy-remote wallets at Fireblocks Trust while FalconX provides trading and financing, enabling integrated collateral management without asset movement.
• OpenEdenstrategicTechnology or Integration · 23 January 2026OpenEden partnered with FalconX and Monarq to launch PRISM, a tokenized yield portfolio using multi-strategy quantitative models for stable, low-correlation returns. OpenEden's TBILL tokenization infrastructure combines with FalconX's institutional lending strategies and Monarq's yield optimization within the product.
• 21sharescoreStrategic or Co-development Partner · 22 October 2025FalconX announced its acquisition of 21shares, a leading provider of cryptocurrency ETFs and ETPs managing $11 billion in assets, in October 2025. The acquisition aims to accelerate growth in regulated digital asset investment products and integrate 21shares' expertise with FalconX's infrastructure. Post-acquisition, 21shares remains independently managed under FalconX with no changes to existing investment objectives. The acquisition completed in late November 2025, expanding FalconX's global presence across US, Europe, and Asia-Pacific.

Scale indicators16 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Coinbase Prime: Coinbase's institutional prime brokerage division offering trading, custody, and financing to hedge funds, asset managers, and corporates — directly overlapping FalconX's core product set and customer base, with the advantage of a US-listed parent balance sheet and broader retail/on-ramp ecosystem.
• Galaxy Digital: Public, vertically integrated digital asset financial services firm offering trading, lending, asset management, and prime brokerage — competes head-to-head with FalconX across institutional trading, OTC, and credit, with added investment banking capabilities.
• Cumberland (DRW): DRW's crypto trading arm and one of the largest institutional OTC market makers and liquidity providers in digital assets — competes directly with FalconX in spot, derivatives, and OTC block trading for the same institutional client base.
• BitGo: Qualified custodian with OCC-approved trust bank and MiCA-licensed operations, providing custody, trading, lending, and staking to institutions — directly comparable to FalconX's custody and financing stack, and already a custody partner for 21shares (FalconX subsidiary).
• Anchorage Digital: OCC-chartered digital asset bank offering custody, trading, lending, and staking for institutions — competes with FalconX across the integrated prime brokerage stack, with the regulatory edge of being a federally chartered crypto bank.
• Matrixport: Asia-headquartered crypto financial services platform offering trading, lending, custody, and structured products — closely comparable business model to FalconX's integrated prime brokerage, with strong APAC distribution.
• Bitcoin Suisse: Swiss-regulated crypto prime broker offering trading, custody, lending, and staking to institutional and private clients — directly comparable European prime brokerage peer with similar regulatory footprint in Switzerland/EU.
• Gemini: US-regulated crypto exchange and custodian with institutional prime services (Gemini Prime) — competes with FalconX in institutional custody and trading, particularly for US-based hedge funds and asset managers.

Broad incumbents

• JPMorgan (Kinexys/Onyx): Tier-1 global bank with digital asset initiatives including Onyx/Kinexys for tokenized settlement and JPM Coin — broader incumbent competing for institutional digital asset wallet, custody, and settlement share that overlaps with FalconX's bank-segment ambitions.
• Standard Chartered (Zodia): Tier-1 bank that both partners with FalconX (digital asset custody, MiCA authorization) and competes via Zodia Custody — represents the dual opportunity and threat of traditional incumbents entering institutional digital asset services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/falconxnetwork
• LinkedInlinkedin.com/company/thefalconx

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors28 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments42 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FalconX