Crypto Prime Broker FalconX Launches FX Trading Desk Led by Ex-BCB Executives

Crypto prime broker FalconX announced Tuesday the introduction of a dedicated foreign exchange (FX) desk, in response to complex, slow, and costly FX conversion in crypto which affects not only crypto exchanges but also institutional traders.

This follows the launch of Prime Connect​​, an exchange settlement solution which enables institutional investors to trade on exchanges while their funds remain in bankruptcy-remote, regulated custody.

According to the announcement, the FX desk leverages FalconX's existing crypto connectivity, enabling 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.

"Our FX desk promises enhanced security and improved capital efficiency by effectively modernizing fiat transactions to match the speed and fluidity of crypto markets," said FalconX.

The desk will offer deep liquidity in multiple currencies for a wide range of clients, expanding FalconX's current product offering. Besides, for retail aggregators and brokers operating in the crypto market or looking to launch crypto solutions, it delivers a low-cost solution for smaller-sized tickets, across multiple currency pairs, in high volume.

The new FX service is led by former executives of BCB Group, a leading crypto-dedicated payment services provider, including Ben Sebley, Lux Thiagarajah, Richard Usher, James Laidlaw and Diogo Da Silva.

"The new global team 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," commented FalconX. "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."