U.S. Digital Asset Trading Platform FalconX Announces Investment From American Express; Discloses Nearly $3 Billion Per Month in Trade Volumes

FalconX, a U.S.-based digital asset trading platform, announced on Wednesday it secured an investment from American Express Ventures. According to FalconX, 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 InvestmentsThe latest investment has been added to the $17 million FalconX secured in May 2020.

As previously reported, FalconX describes itself as a digital asset trading platform that provides clients fast, secure and reliable execution using data science to eliminate slippage and hidden fees.

“For open, permissionless, and truly global digital assets to be adopted by mainstream institutions at scale, today’s digital infrastructure is grossly inadequate. FalconX’s mission is to build this connective tissue. Our technology will provide the infrastructure for the future of digital assets and enable seamless price discovery, trade execution, and transfer of value.”

FalconX further revealed it has experienced revenue growth of 350% since completing its last funding round (May 2020). The company serves 250 institutional clients, up 150% from May 2020, and its transaction volumes have tripled to around $3 billion on a monthly basis, making it one of the largest full-service providers. It was also reported that FalconX’s  FalconX Credit, which enables clients to extend settlement, is experiencing growth reaching over $1 billion in credit transactions during November 2020. Raghu Yarlagadda, FalconX CEO and Co-Founder, further explained:

“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.”

FalconX did not disclose the total amount American Express Ventures invested.

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