%Cryptocurrency trading platform %FalconX has been valued at $8 billion in its latest funding round.
The new funding round has been led by Singapore’s sovereign wealth fund, and it more than doubles the valuation of FalconX from just 10 months ago despite the current selloff in cryptocurrencies.
Based in San Mateo, California, FalconX runs a cryptocurrency trading platform for financial institutions. The latest funding round totalled $150 million from new and existing investors.
The cash raise comes as FalconX plans to increase its workforce by 30% in coming months, adding 55 new employees across the company.
FalconX also said that it intends to use the proceeds from the funding to make strategic acquisitions and expand its services to a greater number of financial institutions.
Besides Singapore’s sovereign wealth fund, new investors in the company include private equity firm Thoma Bravo and Adams Street Capital, while existing investors Tiger Global Management, Thoma Bravo and Wellington Management also put more money into FalconX.
Cryptocurrency valuations have plunged in recent weeks as investors sell riskier assets in a rising interest rate environment. Over the weekend, %Bitcoin ($BTC) dropped below the key threshold of $20,000 U.S. for the first time since December 2020.