Prime cryptocurrency broker FalconX plans to open a foreign exchange desk in London, and a team of employees from the cryptocurrency banking company BCB Group will work there. The desk will provide access to 20 forex pairings, including common currencies like the US dollar, the euro, and the British pound, for cryptocurrency trading organisations, exchanges, and brokers, the company announced in a press statement on Tuesday.
Ben Sebley will serve as team leader. Richard Usher, who will oversee FX trading, and Lux Thiagarajah, who will oversee commercial FX, will also be part of the team. There will be a total of five persons at the desk.
FalconX, which says it is 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 across traditional currency pairs with same-day settlement options, FalconX said.
“FalconX’s new foreign exchange desk will help unlock the industry’s developing capital markets at a key moment for global adoption, merging crypto and fiat seamlessly while setting a new benchmark for efficiency and integration,” Austin Reid, global head of revenue and business, said in an emailed comment.
“FX liquidity on our desk will now be available to institutional investors, ranging from market makers to hedge funds, which will improve the structure of the digital asset market,” stated Reid. A tool that enables institutions to trade on exchanges while keeping their money in controlled, bankruptcy-remote custody was unveiled by the prime broker last month. In addition, institutional-grade credit, portfolio margining, and post-trade settlement are all included in FalconX’s Prime Connect service.