Crypto Prime Broker FalconX Starts FX Desk With Hires From BCB Group

As an experienced analyst in the cryptocurrency space, I see this move by FalconX as a strategic expansion into traditional forex markets. The addition of a dedicated FX desk, led by a team with extensive experience from BCB Group, is a clear indication that FalconX aims to provide more comprehensive services to its institutional clients.

Expert: FalconX, a leading cryptocurrency prime brokerage, is establishing a new Foreign Exchange (FX) desk in London. This team will be comprised of skilled professionals recruited from BCB Group, a renowned crypto banking firm.

Crypto trading businesses, exchanges, and brokerages can look forward to trading twenty forex pairings at their desks, which include prominent currencies like the US Dollar, Euro, and British Pound, according to the announcement made by the company on Tuesday.

Ben Sebley will spearhead the team, with Richard Usher serving as the head of FX trading and Lux Thiagarajah leading the commercial FX division. In all, there will be a team of five individuals.

FalconX, claimed to be the globe’s leading digital asset prime broker, offers institutional clients trading, funding, and safekeeping solutions, granting access to approximately 400 different crypto tokens.

As a financial analyst at the FX desk, I would propose setting up new fiat entry points and improving the transfer of funds between conventional currency pairs by offering same-day settlements. According to FalconX’s announcement.

“Austin Reid, the global head of revenue and business at FalconX, commented via email that the company’s latest foreign exchange desk will facilitate access to burgeoning capital markets in the industry at a pivotal time for widespread acceptance. This innovation seamlessly combines crypto and fiat currencies while establishing a leading standard for productivity and connectivity.”

Reid stated that institutional investors, including hedge funds and market makers, can now utilize our desk’s Foreign Exchange (FX) liquidity. This addition will improve the infrastructure of the digital asset market.

Last month, the prime broker introduced a new offering: Institutions can execute trades on various exchanges without moving their funds, which are held in secure, insolvency-protected custody. Additionally, FalconX’s Prime Connect service comes equipped with post-trade settlement, advanced institutional credit, and portfolio margin options.