The US financial giant American Express entered the cryptocurrency market with the latest investment in an institutional crypto trading platform, FalconX. The American Express Ventures did not disclose the actual size of the investment. According to the official press release by FalconX, American Express is planning to explore a potential opportunity to offer services related to crypto assets with the recent partnership. The US-based startup is a cryptocurrency trading platform focused on institutional investors.
American Express has a market capitalization of around $95 billion.
Founded in 1850, American Express is one of the oldest financial firms in the US, with headquarters in New York. The current market capitalization of the US financial giant is around $95 billion. The company recently ramped up its efforts to address the growing demand for crypto assets. The recent investment in FalconX is another step towards the adoption of the evolving market of cryptocurrencies. The US company mentioned that investment managers are treating cryptocurrencies as an inflationary hedge against traditional assets. FalconX had raised around $17 million from different ventures to expand its cryptocurrency trading services.
FalconX reported a massive surge in institutional customers.
Harshul Sanghi, Global Head of American Express Ventures, commented on the investment, saying, “FalconX is helping bring simplicity to the increasingly complex crypto space through a platform that provides discovery and pricing all in one place.” “American Express Ventures invests in startups as a way to better understand emerging areas of the payments ecosystem, and we are pleased to support FalconX as it continues to drive innovation in the digital asset space, including digital currencies,” he added. In addition to the US financial giant’s recent investment, FalconX also reported a massive surge in institutional customers and revenue.