Cryptocurrency trading platform FalconX has sealed 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, adding to the $17 million in funding FalconX announced in May 2020.

FalconX provides institutional clients the ability to access cryptocurrency markets through a single platform for trading, credit and clearing.

Today’s cryptocurrency infrastructure, said FalconX, can be inefficient for financial institutions, relying on a complex combination of liquidity sources across different markets.

FalconX says it has built a “connecting tissue” to provide institutional clients with “value-added solutions” and “superior customer service” through a single, fully integrated platform.

FalconX says it has experienced revenue growth of 350 per cent since completing its last funding round in May.

The company currently serves 250 institutional clients and its transaction volumes have reached $3 billion on a monthly basis.

Its new product line, FalconX Credit, which enables clients to extend settlement, reached $1 billion in credit transactions during November 2020.

Raghu Yarlagadda, FalconX chief executive and co-founder, said: “We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalysed by recent macro-economic policies.”

Harshul Sanghi, global head of Amex Ventures, said: “FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place.”

FalconX has offices in the US, India and Malta.

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