San Francisco-based company FalconX, an all-in-one platform for institutions trading cryptocurrency, has raised an investment from American Express Ventures.
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. FalconX had raised US$ 17M in its last funding round.
About FalconX
Founded in 2018 by Prabhakar Reddy and Raghu Yarlagadda, FalconX provides institutional clients the ability to access cryptocurrency markets seamlessly through a single platform for trading, credit, and clearing. FalconX provides institutional clients with value-added solutions and superior customer service through a single, fully integrated platform. It aims to change today’s inefficient cryptocurrency infrastructure that relies on a complex combination of liquidity sources across different markets.
FalconX claims to have experienced revenue growth of 350% since completing its last funding round in May 2020. Today the company serves 250 institutional clients, up by 150% from May 2020. It also claims that its transaction volumes have tripled to around US$ 3 billion on a monthly basis, making it one of the largest full-service providers. The company also launched a new product line, FalconX Credit, which enables clients to extend settlement. FalconX Credit has reached over US$ 1 billion in credit transactions during November 2020.
FalconX is offering an all-in-one solution that enables hundreds of institutions to transact billions of dollars in cryptocurrency trading, credit and clearing. The company has offices in the US, India, and Malta.
“We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalyzed by recent macro-economic policies. It is a great pleasure to welcome American Express Ventures as we continue to invest in expanding FalconX’s product offering,” said Raghu Yarlagadda, FalconX CEO and co-founder.
What Investors have to say
“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,” said Harshul Sanghi, Global Head of Amex Ventures.
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