American Express-backed Bitcoin exchange FalconX raises $50 million in funding

FalconX, an institutional-focused platform for trading cryptocurrencies, received $50 million in funding from Tiger Global and B Capital Group, according to Reuters.

In December 2020, the exchange raised an undisclosed amount of financing from the venture arm of the payments giant American Express.

Among FalconX’s current investors are Accel, Coinbase Ventures, Complice, Lightspeed and Avon Ventures — the venture fund affiliated with FMR LLC, the parent company of Fidelity Investments. They participated in the platform’s $17 million financing round in May 2020.

According to The Block, after raising $50 million, FalconX’s valuation stood at $675 million.

The company said that over the past year its net revenue grew 46-fold, driven by a surge in demand for cryptocurrencies from corporate clients.

“We believe that FalconX is positioned as an industry leader in the institutional cryptocurrency market,” said Tiger Global partner Scott Shleifer.

As reported, according to a Nickel Digital survey, 85% of Bitcoin-holding institutional investors plan to increase their investments in digital gold over the next two years.

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