FalconX Launches FX Desk

Crypto prime brokerage firm FalconX has unveiled an FX desk to help improve what it terms “complex, slow and costly” FX conversions in crypto markets, and staffed it with three leadership appointments from BCB Group.

Ben Sebley, who has been with FalconX for nine months, is general manager of the business, prior to joining the firm he was chief growth officer at payments firm BCB Group, having moved out of the equities space. Joining him is Richard Usher, who was previously head of OTC trading at BCB Group for just over two years. Usher also worked in the FX businesses at JP Morgan and Royal Bank of Scotland, before taking time out in late 2014 as part of the fallout from the chatroom fiasco in FX markets. Finally, Lux Thiagarajah also joins from BCB, where he spent almost three years as chief revenue officer. Prior to that he spent almost three years at FlexTrade as an account manager, having moved from prop trading roles at two small firms over a three year period. Thiagarajah also spent over eight years at JP Morgan an G10 FX trading.

FalconX says the new offering enables crypto trading firms, exchanges, and brokers to access a “traditional FX market experience”, providing improved capital efficiency by effectively modernising fiat transactions to match the speed and fluidity of crypto markets. The new team 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, it adds. Furthermore, its will enhance the movement of funds between traditional currency pairs through same-day settlement.

“For our clients, this will offer fiat access along with high-quality service that has historically been difficult to navigate,” FalconX says in a post. “Our desk will offer deep liquidity in multiple currencies for a wide range of clients, expanding our current product offering. For retail aggregators and brokers operating in the crypto market or looking to launch crypto solutions, the new desk offers a low-cost solution for smaller-sized tickets, across multiple currency pairs, in high volume. Moreover, it will alleviate headaches in the CFO’s office by facilitating operational balance movement, profit repatriation, investment, and managing overexposure.

“We are excited to welcome this new team that brings a long successful track record of helping clients navigate the complexities of international currency markets, enabling market makers, hedge funds, and crypto companies to effectively trade across markets without the limitations of specific currencies,” it continues. “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.”