FX conversion in crypto remains complex, slow, and costly, affecting not only crypto exchanges but also institutional traders. In response, FalconX is excited to launch a dedicated foreign exchange desk that also leverages our existing crypto connectivity. This offering enables crypto trading firms, exchanges, and brokers to access a wide range of currency pairs, including major currencies like USD, EUR, GBP, CAD, MXN, and CHF, mirroring the traditional FX market experience. Our FX desk promises enhanced security and improved capital efficiency by effectively modernizing fiat transactions to match the speed and fluidity of crypto markets.
The new global team, under the leadership of Ben Sebley, Richard Usher, and Lux Thiagarajah, brings decades of FX and crypto experience and will leverage the firm’s middle and back office infrastructure and balance sheet whilst establishing new fiat on and off ramps to serve fast-growing frontier markets. Furthermore, they will enhance the movement of funds between traditional currency pairs like 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. 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. Moreover, it will alleviate headaches in the CFO's office by facilitating operational balance movement, profit repatriation, investment, and managing overexposure.
We are excited to welcome this new team that brings a long successful track record of helping clients navigate the complexities of international currency markets, enabling market makers, hedge funds, and crypto companies to effectively trade across markets without the limitations of specific currencies. This offering further underscores our mission to enhance the market structure of crypto, ultimately leading to more robust, trusted, and secure markets for digital assets.
