Cryptocurrency Step From Payment Giant
Payments giant American Express is joining several major financial services providers investing in cryptocurrency exchange platform Falconx. FalconX, a San Francisco-based corporate crypto company, announced an investment by American Express Company (Amex).
FalconX announced in May that it had added $ 17 million in funds raised from a number of influential players in the cryptocurrency and financial industry, although Amex’s total investment amount was not disclosed.:
“American Express Ventures has joined Avon Ventures, a venture capital fund affiliated with current investors Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners and FMR LLC, parent company of Fidelity Investments.”
Falconx has created a seamless platform to address the complex needs of corporate crypto customers, says Harshul Sanghi, head of global enterprise at Amex. FalconX is helping to bring simplicity to the increasingly complex field of digital assets through a platform that provides exploration and pricing in one place. Amex Ventures invests in startups as a way to better understand emerging areas of the payment ecosystem.
Since May November, FalconX has seen its revenues increase by 350%, and in November alone it made about $ 3 billion worth of monthly transactions and more than $ 1 billion in credit transactions. FalconX Chief Executive Raghdu Yarlagadda said the company’s interest in major institutions in particular had also increased by 150% since May.