FalconX today announced expansion of its services into Singapore. Matt Long has joined the digital assets prime brokerage as general manager and Ave King as chief compliance officer, both based in Singapore.
Alongside these key executive hires, FalconX is also launching its OTC derivatives business in Singapore to service institutional clients across APAC, augmenting its leading position in the United States as the first and only CFTC-registered cryptocurrency swap dealer also registered with the National Futures Association (NFA).
The international expansion follows a year of significant growth for the company, closing out 2022 with an $8 billion valuation after a $150 million Series D funding round led by B Capital and Singapore sovereign wealth fund GIC.
"Ideal" regional hub
FalconX called Singapore "an ideal regional hub for the organization," saying it is well-positioned as a major digital assets hub, is central to global capital and asset management flows.
“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,” said CEO Raghu Yarlagadda. “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.”
FalconX’s momentum continues to be driven by demand from a diverse range of institutional market participants, including some of the world’s largest financial institutions, hedge funds, asset managers, venture capital firms, payment providers, family offices and investment applications.
“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,” said Long.
Industry Veteran Appointed GM
As the financial services industry increasingly shifts toward digital asset transformation, FalconX has created the most comprehensive prime brokerage infrastructure, enabling institutions safe, efficient and scalable access to digital asset markets while paving the way for traditional assets to be tokenized. The addition of Long, who will help grow the business in Singapore and the greater Asia-Pacific region, signifies the increased demand from institutional customers globally for a prime broker with a comprehensive product suite.
Long brings over 20 years of experience across digital assets, traditional financial markets and technology and investing in disruptive businesses. He was previously managing director and head of prime brokerage and SaaS at institutional digital asset platform OSL. He has also run traditional finance sales, trading, derivative and asset management businesses globally, with specific expertise in APAC markets.
Focus on Regulation
As institutional investors increasingly seek the surety of dealing with trusted and regulated counterparty, Ave King joins as Chief Compliance Officer, APAC, to manage compliance across international entities including securing relevant regulatory licenses, where appropriate.
King will play a key role in continuing to build out the global regulatory compliance and AML program. King has more than 20 years of experience and prior to joining FalconX, King held roles at Bitstamp, Coinbase, Deutsche Bank and JP Morgan.
In 2022, FalconX became the first and only cryptocurrency swap dealer registered with the National Futures Association (NFA) in the U.S. and one of the first crypto-focused Primary Level Members of the International Swaps & Derivatives Association (ISDA).