American Express invested in a cryptocurrency company

FalconX, an institutional-investor-focused platform for trading cryptocurrencies, announced investment from American Express Ventures.

The amount of funding received by FalconX was not disclosed.

The company provides institutional clients with access to cryptocurrency markets through a single platform for trading, lending and clearing.

“We are seeing growing interest from traditional asset managers, who are adding cryptocurrencies as a hedge against inflation, aided by recent macroeconomic policy,” said Raghu Yarlagadda, co-founder and CEO of FalconX.

According to the company, it serves more than 250 institutional clients, with a monthly transaction volume of around $3 billion.

“FalconX helps simplify an increasingly complex space of digital assets with a platform that brings all information and pricing together in one place,” said Harshul Sanghi, Director of Global Development at American Express Ventures.

In May, FalconX secured $17 million in funding from Coinbase Ventures and Avon Ventures, the venture-capital arm of FMR LLC, the parent company of Fidelity Investments, as well as a number of other investors.

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