FalconX goes live with foreign exchange desk

New offering will allow participants to access a broad range of currency pairs, which will mirror the traditional FX market experience.

Start-up crypto prime brokerage FalconX has launched a dedicated foreign exchange desk, leveraging the firm’s existing crypto connectivity, which it gained a Virtual Financial Assets (VFA) license for in 2021.

The new offering will allow crypto trading firms, exchanges and brokers to access a broad range of currency pairs, including major currencies such as USD, EUR, GBP, CAD, MXN and CHF, which FalconX stated will mirror the traditional FX market experience.

The desk aims to provide enhanced security and improve capital efficiency by modernising fiat transactions to match the speed of crypto markets.

The new global team will be under the leadership of Ben Sebley, Richard Usher and Lux Thiagarajah.

Selbey will operate as general manager of FX, while Usher and Thiagarajah both join the FalconX team from BCB Group. While at BCB Group, Usher most recently served as head of OTC trading, while Thiagarajah most recently held the position of chief revenue officer.

“I know this has taken a while and some of you might have even thought that I slipped into the bear market abyss, but I’ve actually been rather busy. I’m delighted to finally announce that we have officially launched FX at FalconX! […] This is going to solve a lot of issues for a lot of clients,” Sebley said in a social media post.

The new offering will also leverage FalconX’s middle- and back-office infrastructure and balance sheet, alongside establishing new fiat on and off ramps to serve fast-growing frontier markets.

Elsewhere, the new desk will enhance the movement of funds between traditional currency pairs such as Euros and Sterling through same-day settlement.

‍“For our clients, this will offer fiat access along with high-quality service that has historically been difficult to navigate. Our desk will offer deep liquidity in multiple currencies for a wide range of clients, expanding our current product offering,” FalconX said in a statement.

“For retail aggregators and brokers operating in the crypto market or looking to launch crypto solutions, the new desk offers a low-cost solution for smaller-sized tickets, across multiple currency pairs, in high volume.”