American Express is joining several large financial service providers that are betting on the all-in-one cryptocurrency exchange platform FalconX.
FalconX, a San Francisco-based institutional crypto start-up, announced Amex’s investment in a new press release.
Although the total amount of investment by AmEx has not been disclosed, FalconX says it adds to the $17 million worth of funding raised in May from a number of influential players in the crypto and finance industry.
“American Express Ventures joined existing investors Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments, adding to the $17 million in funding FalconX announced on May 13, 2020.”
FalconX has built a seamless platform to solve the complex needs of institutional crypto clients, says AmEx global head of ventures Harshul Sanghi.
“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place. Amex Ventures invests in startups as a way to better understand emerging areas of the payments ecosystem, and we are pleased to support FalconX as it continues to drive innovation in the digital asset space, including digital currencies.”
Since May, FalconX has seen its revenues increase by 350%, processing around $3 billion worth of transactions monthly and over $1 billion in credit transactions in November alone. The company is also seeing growing interest specifically from large institutions, which is up 150% since May, says FalconX CEO Raghdu Yarlagadda.
AmEx began venturing into the crypto and blockchain industry in 2018, when it filed a patent for a blockchain-based payments system.
The company has also tested Ripple’s real-time cross-border messaging system xCurrent.
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