Recently, the well-known cryptocurrency prime broker FalconX announced the opening of a specialized foreign exchange (FX) desk in London with the goal of expanding its service offerings and market presence.
Exchanges, brokers, and cryptocurrency trading companies will have access to 20 forex pairs—including well-known currencies like the US dollar, euro, and British pound—through the new FX desk.
This move is a part of FalconX's larger plan to give crypto entities—who have historically faced many obstacles—smooth access to fiat currency markets.
1/5 The FX market is the largest financial market in the world, but crypto companies have always had trouble accessing fiat.
— FalconX (@falconxnetwork) May 28, 2024
Today, we're helping solve those problems. 🔥🔥🔥
Introducing the new FalconX FX desk, offering deep liquidity on a wide range of top fiat currency… pic.twitter.com/xmFSlR0xSk
The new project will be notably staffed by a group hired from the cryptocurrency banking company BCB Group. Ben Sebley, who will lead the operation, is one of the team's veterans from the industry.
Richard Usher is assuming the role of head of FX trading, while Lux Thiagarajah has assumed responsibility for head of commercial FX. The announcement states that there will be five people working on the desk, each with a wealth of experience in traditional and cryptocurrency financial markets.
Increasing fund movements and liquidity
Claiming to be the biggest digital asset prime broker in the world, FalconX provides institutions with access to over 400 crypto tokens with trading, financing, and custody services.
2/5 The team
— FalconX (@falconxnetwork) May 28, 2024
We have assembled a world-class team that will build upon our existing crypto connectivity to offer a dedicated FX desk 💵 💶 💷 💴
The new desk will offer deeper liquidity in multiple currencies for a wide range of clients, enhancing the movement of funds between…
The fiat markets, which continue to be the biggest financial markets in the world, have historically proven difficult for cryptocurrency companies to enter. These limitations will be addressed by FalconX's new FX desk, which will increase access to deep, affordable liquidity on a variety of popular fiat currency pairings.
The new desk's FX liquidity will be advantageous to institutional investors, including market makers and hedge funds, according to Austin Reid, global head of revenue and business. With same-day settlement options, this would simplify fund transfers between conventional currency pairs.
He continued, saying that FalconX's new foreign exchange desk, which seamlessly combines cryptocurrency and fiat while setting a new standard for efficiency and integration, will help unlock the industry's developing capital markets at a critical moment for global adoption.
Moroever, according to the announcement, the FX desk will also provide trading firms, market makers, and retail brokers with simplified solutions.
3/5 Streamlined solutions for retail brokers 📊
— FalconX (@falconxnetwork) May 28, 2024
Traditionally accessing fiat pairs in small order size has been costly for exchanges and their end clients
Brokers who want to tap into deep, low cost liquidity for fiat can come to FalconX to give their customers the best…
They also added that brokers can come to FalconX to give their customers the best experience at a much better price by tapping into deep, low cost liquidity for fiat.
Filling the vacuum
This action is a part of FalconX's continuous effort to integrate institutional cryptocurrency trading more closely into established financial systems and overhaul it.
It launched Prime Connect just a month ago, enabling institutions to trade on exchanges while keeping their money in controlled, bankruptcy-remote custody. To further expand FalconX's institutional service offering, Prime Connect also offers portfolio margining, institutional-grade credit, and post-trade settlement.
Embracing the Future of Financial Markets
By merging traditional and modern financial realms in innovative ways, FalconX is setting new benchmarks for the financial services industry.
FalconX, with its offices in major financial hubs around the world and a team of industry veterans, remains at the forefront of innovation as it advances the integration of cryptocurrency and traditional finance markets, redefining the future of global trading landscapes.
Furthermore, FalconX's expansion into foreign exchange markets with the establishment of its new FX desk is a strategic move aimed at addressing the evolving needs of institutions operating in the complex and ever-changing crypto and forex landscapes.
In conclusion, FalconX's establishment of a specialized FX desk in London marks a significant step in integrating cryptocurrency and traditional finance.
By offering access to 20 forex pairs and leveraging the expertise of a seasoned team, FalconX aims to provide seamless and efficient liquidity solutions to institutional investors. This move not only enhances FalconX's service offerings but also addresses the historical challenges faced by crypto entities in accessing fiat markets.
As FalconX continues to innovate and expand, it is poised to redefine the financial landscape, bridging the gap between digital assets and conventional financial systems.