FalconX, a crypto prime dealer, has fashioned a strategic partnership with world lender Customary Chartered to boost its choices for institutional shoppers. The partnership, introduced at this time (Wednesday), highlights the rising demand for digital belongings.
Offering Banking Infrastructure
“As institutional demand for digital belongings continues to develop, we’re proud to offer the banking infrastructure that allows corporations like FalconX to ship world-class buying and selling and financing options to institutional shoppers,” mentioned Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Customary Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Customary Chartered (picture: LinkedIn)
Beneath the partnership, the financial institution will present a complete suite of banking providers to FalconX globally. As well as, the crypto prime dealer will combine Customary Chartered’s infrastructure and acquire entry to an intensive vary of forex pairs for cross-border settlements for its institutional shopper base.
The Rising Demand for Crypto Prime Brokers
Prime brokers play a key position in monetary markets, together with the increasing crypto sector, by providing a variety of providers reminiscent of buying and selling, custody, and lending to main establishments like hedge funds, banks, and personal fairness corporations.
Banks are main gamers within the prime brokerage area. Nevertheless, on the subject of crypto, they’ve been hesitant to behave as prime brokers because of regulatory uncertainty, market volatility, and considerations round custody and compliance. This hole has supported the rise of crypto-specific prime brokers.
Final month, Ripple agreed to amass Hidden Highway, one other crypto prime dealer, for $1.25 billion. In response to Hidden Highway’s Worldwide CEO, Michael Higgins, the deal was “fairly natural” as “Ripple was well-known to Hidden Highway as a buyer. Hidden Highway was identified to members of the Ripple administration staff. There was a pure relationship between our corporations.”
Matt Lengthy, Normal Supervisor, APAC & Center East at FalconX (picture: FalconX)
Learn extra: Ripple-Hidden Highway Deal – Crypto Prime Brokers Go away Banks Behind
FalconX, backed by GIC, is a number one crypto prime dealer with an $8 billion valuation. It reported file progress in Q2 2024, with income rising 2.5 instances in comparison with the identical interval in 2023. In response to its web site, FalconX had accomplished over $1.5 trillion in buying and selling quantity by the top of 2023 and served greater than 600 institutional shoppers.
“At FalconX, we assist buying and selling and financing for a number of the world’s largest establishments in digital asset markets, and this relationship strengthens our means to offer strong banking and FX options to shoppers who depend on us to function in crypto markets,” added Matt Lengthy, Normal Supervisor, APAC & Center East at FalconX.
FalconX, a crypto prime dealer, has fashioned a strategic partnership with world lender Customary Chartered to boost its choices for institutional shoppers. The partnership, introduced at this time (Wednesday), highlights the rising demand for digital belongings.
Offering Banking Infrastructure
“As institutional demand for digital belongings continues to develop, we’re proud to offer the banking infrastructure that allows corporations like FalconX to ship world-class buying and selling and financing options to institutional shoppers,” mentioned Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Customary Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Customary Chartered (picture: LinkedIn)
Beneath the partnership, the financial institution will present a complete suite of banking providers to FalconX globally. As well as, the crypto prime dealer will combine Customary Chartered’s infrastructure and acquire entry to an intensive vary of forex pairs for cross-border settlements for its institutional shopper base.
The Rising Demand for Crypto Prime Brokers
Prime brokers play a key position in monetary markets, together with the increasing crypto sector, by providing a variety of providers reminiscent of buying and selling, custody, and lending to main establishments like hedge funds, banks, and personal fairness corporations.
Banks are main gamers within the prime brokerage area. Nevertheless, on the subject of crypto, they’ve been hesitant to behave as prime brokers because of regulatory uncertainty, market volatility, and considerations round custody and compliance. This hole has supported the rise of crypto-specific prime brokers.
Final month, Ripple agreed to amass Hidden Highway, one other crypto prime dealer, for $1.25 billion. In response to Hidden Highway’s Worldwide CEO, Michael Higgins, the deal was “fairly natural” as “Ripple was well-known to Hidden Highway as a buyer. Hidden Highway was identified to members of the Ripple administration staff. There was a pure relationship between our corporations.”
Matt Lengthy, Normal Supervisor, APAC & Center East at FalconX (picture: FalconX)
Learn extra: Ripple-Hidden Highway Deal – Crypto Prime Brokers Go away Banks Behind
FalconX, backed by GIC, is a number one crypto prime dealer with an $8 billion valuation. It reported file progress in Q2 2024, with income rising 2.5 instances in comparison with the identical interval in 2023. In response to its web site, FalconX had accomplished over $1.5 trillion in buying and selling quantity by the top of 2023 and served greater than 600 institutional shoppers.
“At FalconX, we assist buying and selling and financing for a number of the world’s largest establishments in digital asset markets, and this relationship strengthens our means to offer strong banking and FX options to shoppers who depend on us to function in crypto markets,” added Matt Lengthy, Normal Supervisor, APAC & Center East at FalconX.
