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關於FalconX
FalconX 是一家機構級加密貨幣交易平台，提供執行、借貸與託管服務。其核心業務為對沖基金、資產管理公司及其他專業客戶提供深度流動性與全天候交易，累計交易量超過 2.5 兆美元。 該平台解決的市場痛點在於加密貨幣市場的碎片化與低效率——機構常面臨流動性分散、交易對手風險高，以及不同平台間結算複雜等問題。FalconX 透過整合流動性、提供信用額度，並以單一平台處理交易、融資與結算，解決上述問題。 其競爭優勢在於主經紀商模式：將執行、借貸與託管服務整合於單一平台，並以嚴謹的風險管理與法規合規為後盾。該平台亦提供衍生性商品與結構性產品，滿足機構客戶的複雜需求。 在過去六個月（2026年2月28日至2026年8月28日），FalconX 取得馬爾他金融服務管理局核發的 MiCA 牌照，得以在歐盟/歐洲經濟區提供受監管服務。此外，該公司也與 Ethena 合作，推出 10 億美元的倉庫融資機制，用於機構借貸業務。然而，由於加密貨幣市場長期低迷，該公司在 2026 年 5 月裁減約 10% 的全球員工（約 35 人），新加坡辦公室規模減半，並撤回當地的牌照申請。更早在 2025 年，FalconX 收購了衍生性商品公司 Arbelos Markets 與資產管理公司 Monarq，並與 21Shares 合作，將業務擴展至衍生性商品與資產管理領域。這些舉措顯示，即便市場環境艱困，該公司仍持續推動基礎設施整合，並推出更多合規的機構級產品。
FalconX的發展軌跡包含幾個關鍵時刻。因應2022年加密貨幣市場低迷，該公司裁減了10%的員工，並撤回其新加坡牌照申請，反映出在市場緊縮期間的策略調整。近期的一個里程碑是2026年7月宣布收購區塊鏈基礎設施公司bloXroute，此舉強化了其鏈上資本市場能力與機構交易基礎設施。此外，據報導FalconX已吸引華爾街銀行如Cantor對其潛在IPO的興趣，顯示其正邁向公開市場並建立長期機構信譽。這些事件凸顯了FalconX從一級經紀商轉型為垂直整合基礎設施參與者，並在監管與市場週期中持續演進的歷程。
On March 24, 2026 FalconX partnered with MoonPay to bring institutional liquidity to retail markets; on May 27 it executed its first OTC compute forward, and during the year added crude oil, gold, silver, compute and tokenized equities to its trading line-up. On July 15 it acquired blockchain networking firm bloXroute, combining trading, liquidity and connectivity for tokenized assets and onchain capital markets.
On August 19 it established a $1 billion warehouse financing facility with Ethena, deploying capital from USDe reserves into overcollateralised institutional credit through an SPV, with collateral held at qualified custodians and FalconX acting as originator, servicer and collateral manager. The firm has executed more than $2.5 trillion in cumulative volume, and FalconX Bravo is a CFTC-registered swap dealer focused on crypto derivatives.
Future strategy and roadmap: FalconX assumes onchain and offchain markets merge into one 24-hour structure, so what it buys is connectivity rather than flow: bloXroute's low-latency network addresses onchain front-running and order leakage, a layer a pure broker cannot build. The SPV behind the USD 1 billion warehouse facility places stablecoin reserves and institutional credit inside qualified custody, and the Ethena partnership shows the structure replicates across asset classes. CFTC swap dealer registration supports margin and clearing in the US; against the custody-led models of Coinbase Prime and Anchorage, FalconX bets on execution and financing depth, with a balance sheet that expands alongside credit.
Raghu Yarlagadda is co-founder and CEO of FalconX. Raised in India, he earned a master's in computer science at the University of Texas at Dallas and an MBA at Harvard Business School. He joined Google around 2008 and rose to lead the Chrome OS team, then ran a team at an enterprise software company in Silicon Valley. In 2018 he and Prabhakar Reddy started FalconX in San Francisco, with Yarlagadda as CEO owning organisation building and executive hiring.
Prabhakar Reddy, the other co-founder, was an investor at Accel covering payments and fintech, and left in 2023 to start the stablecoin FX firm OpenFX. Dan Lea is COO, running trading operations and international expansion; Vanessa Zhang is global chief compliance officer, having built client due diligence frameworks across jurisdictions; Joshua Lim co-heads global markets after trading derivatives at Genesis. The board seats the two founders alongside investor representatives and an independent director. Engineering, compliance and credit report to the CEO.
FalconX 近期出現團隊變動： 2026年6月，Gunjan Lalaji 加入財務與會計部門，擔任平台總監。她先前在 Kraken 主導營收專案。 與此同時，策略與市場執行主管 John Conneely 於2026年4月離職，任職約16個月。他隨後加入 Sky Frontier Foundation，擔任全球業務發展主管，專注於擴大 USDS 與 sUSDS 規模。
FalconX charges an annual custody fee on average daily assets under custody of 30bps on the first $10M, 25bps from $10M to $25M, 20bps from $25M to $50M, 15bps from $50M to $100M, 12bps from $100M to $250M and 10bps above $250M, billed monthly at one twelfth of the annual rate and applied incrementally so only assets above each breakpoint earn the lower tier.
FalconX holds a CFTC-registered swap-dealer registration; through its Malta entity it holds a Malta Financial Services Authority (MFSA) Class 2 crypto-asset service provider (CASP) licence and a Financial Institution licence authorising electronic-money-token (EMT) payment services.