Cryptocurrency prime broker FalconX is launching a dedicated foreign exchange desk in London that will be staffed by a team hired from crypto banking firm BCB Group.

The desk will offer crypto trading firms, exchanges and brokers to access 20 forex pairs, including major currencies such as the U.S. dollar, the euro, and the British pound, the company said in a press release on Tuesday.

The team will be led by Ben Sebley, who is joined by Richard Usher as head of FX trading and Lux Thiagarajah as head of commercial FX. The desk will number five people in total.

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.

“Institutional investors, from hedge funds to market makers, will now have access to our desk’s FX liquidity which will enhance digital asset market structure,” Reid said.

The prime broker introduced a service last month that allows institutions to trade on exchanges while their funds remain in regulated, bankruptcy-remote custody. FalconX’s Prime Connect service also includes post-trade settlement, institutional-grade credit and portfolio margining.

Crypto FalconX BCB Group FX Exclusive

Will Canny

Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.