The cryptocurrency brokerage FalconX has acquired a majority stake in Monarq.

FalconX, a cryptocurrency brokerage firm for institutions, has just acquired a majority stake in the parent company of Monarq Asset Management — a unit that was previously owned by the FTX exchange before its bankruptcy. According to Bloomberg on June 2, this deal aims to expand the institutional client base and enhance asset management services.

Monarq, formerly known as LedgerPrime and later as MNNC Group, is an investment fund registered in the Cayman Islands that was once part of the FTX empire. The financial terms were not disclosed.

FalconX, established in 2018, has recently been actively expanding its operations: acquisition of the derivatives startup Arbelos Markets in January and collaboration with Standard Chartered Bank in May to develop cryptocurrency financial services for institutions.

The investment in Monarq is expected to help FalconX expand into many new institutional customer segments and enhance its quantitative analysis capabilities.