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Crypto Prime Broker FalconX Launches Forex Desk with Hires from BCB Group
Cryptocurrency prime broker FalconX is launching a dedicated exchange desk in London that will be run by a team hired from cryptocurrency banking firm BCB Group.
The desk will offer cryptocurrency companies, exchanges and brokers access to 20 forex pairs, including major currencies such as the US dollar, euro and British pound, the company said in a press release on Tuesday.
The team will be led by Ben Sebley, who will be joined by Richard Usher as head of trading FX and Lux Thiagarajah as head of commercial FX. The desk will have a total of five people.
FalconX, which claims to be the world’s largest digital asset prime broker, provides trading, financing and custody services to institutions, with access to over four hundred crypto tokens.
The FX desk plans to establish new fiat gateways and enhance fund movements between traditional currency pairs with same-day settlement options, FalconX said.
“FalconX’s new currency exchange desk will help unlock the industry’s developing capital markets at a key time for global adoption, seamlessly uniting crypto and fiat and setting a new benchmark for efficiency and integration,” said Austin Reid, global head of revenue and business. a comment sent via email.
“Institutional investors, from hedge funds to market makers, will now have access to our desk’s FX liquidity, which will enhance the market structure of digital assets,” Reid said.
The prime broker introduced a service last month that allows institutions to trade on the stock exchange while their funds remain in regulated custody, remotely in the event of failure. FalconX’s Prime Connect service also includes post-trade settlement, institutional-grade credit and portfolio margining.