American Express invests in crypto trading startup FalconX
December 16, 2020, 1:14PM EST
1 min read
American Express appears to be edging closer into the crypto world after investing in the cryptocurrency trading platform FalconX via its venture unit, according to a press release published Wednesday.
“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place,” said Harshul Sanghi, Global Head of Amex Ventures.
It’s still unknown how much was invested into FalconX, but the development represents yet another step in AmEx’s exploration of cryptocurrency.
Sanghi says Amex Ventures invests in startups to stay on top of the emerging spaces in the payments ecosystems.
“We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalyzed by recent macro-economic policies,” FalconX CEO and co-founder Raghu Yarlagadda said in a statement. “It is a great pleasure to welcome American Express Ventures as we continue to invest in expanding FalconX’s product offering.”
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.