According to PANews, cryptocurrency prime broker FalconX has launched a dedicated foreign exchange trading department. The team comes from crypto banking company BCB Group, and its main members include Ben Sebley, Richard Usher and Lux Thiagarajah, and is based in London. The new department will provide trading services for 20 foreign exchange pairs for crypto trading companies, exchanges and brokers, including major currency pairs such as the US dollar, euro and pound.
FalconX said that the new foreign exchange trading department will establish a new fiat currency channel and enhance the flow of funds for traditional currency pairs, realize same-day settlement options, seamlessly integrate cryptocurrencies and fiat currencies, and improve efficiency and integration. Austin Reid, head of global revenue and business at FalconX, said that the foreign exchange liquidity will enhance the structure of the digital asset market and provide support for institutional investors such as hedge funds and market makers.
FalconX last month launched a service that allows institutions to trade on exchanges while their funds remain in regulated bankruptcy-segregated accounts. FalconX’s Prime Connect service also includes post-trade settlement, institutional-grade credit and portfolio margin management.
