Institutional-focused cryptocurrency trading platform FalconX has received $ 50 million in investments from Tiger Global and B Capital Group, Reuters reported .
In December 2020, the exchange raised an unnamed amount of funding from the venture capital arm of payment giant American Express.
FalconX’s current investors also include Accel, Coinbase Ventures, Complice, Lightspeed, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. They took part in the platform’s $ 17 million funding round in May 2020.
According to The Block , after raising $ 50 million, the market valuation of FalconX was $ 675 million.
The company said that over the past year, its net revenue has grown 46 times, thanks to a surge in demand for cryptocurrencies from corporate clients.
“We believe FalconX is positioning itself as an industry leader in the institutional cryptocurrency market,” said Scott Schleifer, partner at Tiger Global.
Recall, according to a survey by Nickel Digital, 85% of Bitcoin-owning institutions plan to increase investment in digital gold over the next two years.