American Express invests in the FalconX crypto trading platform
On December 16, 2020, Bloomberg announced the credit card company’s investment. An exact amount was not given. In May, FalconX received funding from existing investors such as Accel and Coinbase. They invested a total of 17 million US dollars in the company. Since then, FalconX has reported an increase in sales of 350 percent.
On December 16, 2020, Bloomberg announced the credit card company’s investment. An exact amount was not given. In May, FalconX received funding from existing investors such as Accel and Coinbase. They invested a total of 17 million US dollars in the company.
Since then, FalconX has reported an increase in sales of 350 percent. The number of institutional customers also increased sharply in May. The company now looks after 250 customers and can therefore document a growth of 150 percent in this area. Meanwhile, the monthly transaction volume tripled, which now amounts to three billion US dollars. Raghu Yarlagadda, CEO and Co-Founder of FalconX, is pleased to welcome American Express. He sees FalconX at the center of institutional growth:
“We are seeing growing interest from traditional asset managers adding cryptocurrencies as an inflation hedge, catalyzed by recent macroeconomic policies.
American Express has been dealing with cryptocurrencies for a long time. As early as 2019, the company integrated blockchain technology into an app that was intended to enable customers to transparently compare invoices. Amex Global Head Harshul Sanghi stated that the company is investing in startups to better understand and advance new and emerging payment ecosystems like FalconX:
“FalconX is helping to simplify the increasingly complex digital asset space through a platform that offers discovery and pricing in one place.
Meanwhile, more and more large companies are expressing their 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 other companies.
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