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FalconX, a leading crypto prime broker, has inaugurated a specialized foreign exchange (FX) desk to serve crypto trading firms, exchanges, and brokers by offering access to 20 different FX pairs.
The newly formed FX team, sourced from crypto banking firm BCB Group, will be headed by Ben Sebley and operate out of London. The team also includes Richard Usher as the head of FX trading and Lux Thiagarajah as the head of commercial FX, bringing the total team size to five members.
FalconX, renowned as the world’s largest digital asset prime broker, offers a range of services including trading, financing, and custody for institutions, covering over four hundred crypto tokens. The new FX desk aims to establish new fiat gateways and improve fund transfers across traditional currency pairs, offering same-day settlement options.
Austin Reid, global head of revenue and business, highlighted the strategic importance of this new desk. “FalconX’s FX desk will significantly contribute to the evolving capital markets, merging crypto and fiat seamlessly and setting a new standard for efficiency and integration,” Reid said in a press release. He added that institutional investors, from hedge funds to market makers, will benefit from enhanced FX liquidity, which will strengthen the digital asset market structure.
Recently, FalconX introduced Prime Connect, a service allowing institutions to trade on exchanges while keeping their funds in regulated, bankruptcy-remote custody. This service also includes post-trade settlement, institutional-grade credit, and portfolio margining, further solidifying FalconX’s position in the market.
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