American Express Invests In A Cryptocurrency Exchange Aimed At Institutions

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The US multinational financial service corporation American Express has invested in the cryptocurrency trading venue FalconX through its venture arm. Thus, AmEx has doubled-down on its digital asset endeavors after piloting a blockchain-based rewards program.

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The US-based cryptocurrency exchange announced the investment from American Express Ventures in a press release yesterday. Although it failed to specify the precise amount AmEx has allocated in the platform, the statement reads that it comes as an addition to the $17 million raised in May 2020 from companies like Coinbase Ventures, Fenbushi Capital, and Flybridge Capital Partners.

FalconX connects its institutional clients with the ever-growing cryptocurrency market through a single platform for trading, clearing, and even credit.

The announcement highlighted the growing adoption rate from institutions while asserting that most trading venues are not prepared to face such a substantial demand. Thus, FalconX has decided to build a “connecting tissue to provide institutional clients with value-added solutions and superior customer service through a single, fully integrated platform.”

The company also outlined a 350% revenue growth since the Series C funding in May this year. Its client base has grown to 250 institutional customers, which is another 150% increase.

“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.” – commented the exchange’s CEO and co-founder – Raghu Yarlagadda.

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The New York-based financial giant has been among the few banking institutions that have invested in the cryptocurrency industry before 2020. Apart from being involved with the digital asset app Abra from 2017 until earlier this year, AmEx also trialed a blockchain-based loyalty rewards program in 2018.

It enabled its members to receive up to 5x of rewards points on certain products and brands, while plans included expansion to numerous retailers to provide merchant offers.

Harshul Sanghi, the Global Head of AmEx Ventures, said following the FalconX investment that his company “continue to drive innovation in the digital asset space, including digital currencies.”

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