FalconX, a crypto prime dealer, has shaped a strategic partnership with world lender Normal Chartered to reinforce its choices for institutional purchasers. The partnership, introduced right now (Wednesday), highlights the rising demand for digital property.
Offering Banking Infrastructure
“As institutional demand for digital property continues to develop, we’re proud to supply the banking infrastructure that permits companies like FalconX to ship world-class buying and selling and financing options to institutional purchasers,” mentioned Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Normal Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Normal Chartered (picture: LinkedIn)
Underneath 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 Normal Chartered’s infrastructure and acquire entry to an intensive vary of foreign money pairs for cross-border settlements for its institutional consumer 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 spread of providers corresponding to buying and selling, custody, and lending to main establishments like hedge funds, banks, and personal fairness companies.
Banks are main gamers within the prime brokerage house. Nevertheless, with regards to crypto, they’ve been hesitant to behave as prime brokers attributable to 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 accumulate 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 workforce. There was a pure relationship between our companies.”
Matt Lengthy, Common Supervisor, APAC & Center East at FalconX (picture: FalconX)
Learn extra: Ripple-Hidden Highway Deal – Crypto Prime Brokers Depart Banks Behind
FalconX, backed by GIC, is a number one crypto prime dealer with an $8 billion valuation. It reported file development 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 purchasers.
“At FalconX, we help buying and selling and financing for among the world’s largest establishments in digital asset markets, and this relationship strengthens our capability to supply sturdy banking and FX options to purchasers who depend on us to function in crypto markets,” added Matt Lengthy, Common Supervisor, APAC & Center East at FalconX.
FalconX, a crypto prime dealer, has shaped a strategic partnership with world lender Normal Chartered to reinforce its choices for institutional purchasers. The partnership, introduced right now (Wednesday), highlights the rising demand for digital property.
Offering Banking Infrastructure
“As institutional demand for digital property continues to develop, we’re proud to supply the banking infrastructure that permits companies like FalconX to ship world-class buying and selling and financing options to institutional purchasers,” mentioned Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Normal Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Normal Chartered (picture: LinkedIn)
Underneath 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 Normal Chartered’s infrastructure and acquire entry to an intensive vary of foreign money pairs for cross-border settlements for its institutional consumer 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 spread of providers corresponding to buying and selling, custody, and lending to main establishments like hedge funds, banks, and personal fairness companies.
Banks are main gamers within the prime brokerage house. Nevertheless, with regards to crypto, they’ve been hesitant to behave as prime brokers attributable to 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 accumulate 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 workforce. There was a pure relationship between our companies.”
Matt Lengthy, Common Supervisor, APAC & Center East at FalconX (picture: FalconX)
Learn extra: Ripple-Hidden Highway Deal – Crypto Prime Brokers Depart Banks Behind
FalconX, backed by GIC, is a number one crypto prime dealer with an $8 billion valuation. It reported file development 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 purchasers.
“At FalconX, we help buying and selling and financing for among the world’s largest establishments in digital asset markets, and this relationship strengthens our capability to supply sturdy banking and FX options to purchasers who depend on us to function in crypto markets,” added Matt Lengthy, Common Supervisor, APAC & Center East at FalconX.
