Crypto▼ Bearish
FalconX lays off 10% of workforce as crypto downturn deepens
The institutional prime brokerage cut 20-50 roles after acquiring bloXroute and securing MiCA authorization. Its valuation dropped from $8B to $700M.
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FalconX is cutting 10% of its global workforce, the institutional prime brokerage said. The company blamed a prolonged downturn in crypto markets.
The layoffs arrive weeks after two strategic moves: the acquisition of blockchain infrastructure firm bloXroute on July 15 and a MiCA authorization from European regulators on July 6. The MiCA license lets FalconX serve institutional clients across the European Union under a single regulatory framework.
FalconX was founded in 2018 by Raghu Yarlagadda and Prabhakar Reddy to solve fragmented liquidity across digital asset exchanges. The firm positioned itself as a prime broker offering liquidity and custody for institutional traders.