According to PANews, cryptocurrency main broker FalconX has launched a dedicated forex trading division. The team, based in London, is composed of key members from the crypto banking company BCB Group, including Ben Sebley, the team leader, Richard Usher, the head of forex trading, and Lux Thiagarajah, the head of commercial forex. The new division will provide trading services for 20 forex pairs, including major currencies such as the US dollar, euro, and pound, to crypto trading companies, exchanges, and brokers.
FalconX stated that the new forex trading division will establish new fiat channels and enhance the flow of funds for traditional currency pairs. It aims to seamlessly integrate cryptocurrencies and fiat currencies at key moments of global adoption, thereby improving efficiency and integration. Austin Reid, the global revenue and business head of FalconX, said that the forex liquidity will enhance the structure of the digital asset market and provide support for institutional investors such as hedge funds and market makers.
In addition, FalconX launched a service last month that allows institutions to trade on exchanges while their funds are still kept in regulated bankruptcy isolation accounts. FalconX's Prime Connect service also includes post-trade settlement, institutional-level credit, and portfolio margin management.