American Express invests in crypto trading platform FalconX
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On 16 December 2020, Bloomberg reported the credit card company’s investment. An exact sum was not mentioned. In May, FalconX received funding from Bitcoin Future existing investors such as Accel and Coinbase. They invested a total of 17 million US dollars in the company. Since then, FalconX has reported a 350 percent increase in sales. The number of […]
On 16 December 2020, Bloomberg reported the investment of the credit card company
An exact sum was not mentioned. In May, FalconX received funding from existing investors such as Accel and Coinbase. These invested a total of 17 million US dollars in the company.
Since then, FalconX says it has seen a 350 per cent increase in revenue. It also said the number of institutional clients had surged on the investment in May. The company now serves 250 clients and can thus document a growth of 150 per cent in this area. Meanwhile, the monthly transaction volume also tripled, now amounting to three billion US dollars. Raghu Yarlagadda, CEO and co-founder of FalconX, is pleased to welcome American Express. He sees FalconX at the centre of institutional growth:
‘We are seeing growing interest from traditional asset managers adding cryptocurrencies as an inflation hedge, catalysed by recent macroeconomic policies.
American Express has been involved with cryptocurrencies for some time. Back in 2019, the company integrated blockchain technology into an app that would allow customers to transparently reconcile bills. Global Head of Amex, Harshul Sanghi explained that the company was investing in start-ups to better understand and drive new and emerging payment ecosystems, such as FalconX’s:
FalconX is helping to simplify the increasingly complex digital asset space by providing a platform that offers discovery and pricing in one place.
Meanwhile, more and more large companies are expressing interest in the crypto industry. The fact that a traditional player like American Express is now jumping on the crypto bandwagon could once again attract the attention of more companies.