Crypto Prime Broker Falconx would have acquired majority participation in the parent company of Monarq Asset Management, previously owned by Bankrupt Exchange FTX.
According to a Bloomberg’s June 2 report, this decision aims to extend the institutional customers of the company and to expand its asset management services.
Monarq Asset Management, formerly known as the MNNC group, is a fund registered in the Cayman Islands. Before operating as MNNC, the Hedge Fund was known as the Ledgerprime and was part of the FTX Empire before the collapse of the exchange. The conditions of the agreement between Falconx and the parent company of Monarq were not disclosed.
https://www.youtube.com/watch?v=8subssakvpi
Founded in 2018, Falconx has decided to expand its footprint in recent months. In January, the main broker acquired markets derived from Arbelos derivatives. In May, the company announced a partnership with Standard Charterd to evolve institutional cryptography.
Falconx would have considered its participation in Monarq as a means of extending its institutional customers beyond hedge funds, companies and asset managers. The advantages may include the scale of quantitative models and the growth of the company team.
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Falconx and the CFTC
Falconx says that this is the largest asset digital brokerage in the world, performing more than 1.5 dollars in negotiation volume with 94% access to the world of digital assets. In May 2024, he settled with the US Future Trading Commission (CFTC) commission (CFTC) for $ 1.8 million in penalties and respect for having pretended to the agency.
As part of the regulation, Falconx agreed to stop offering services to American residents.
In June 2022, the broker raised $ 150 million to an evaluation of $ 8 billion as part of his series D series financing. Later that year, he would survive the collapse of the FTX. According to the broker, the scholarship held 18% of its unused cash equivalents.
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