Crypto trading firm FalconX raises fresh cash at valuation above $670 million

FalconX, the crypto brokerage and trading firm backed by American Express, has raised new funding at a valuation around $670 million, The Block has learned.

The round, which will bring in $50 million, is being led by Tiger Global, a New York-based investment firm that has expanded its footprint in the crypto space across a series of notable deals in recent weeks. After publication, another source said the valuation was $675 million. 

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These include BlockFi's unicorn-status $350 million Series D round, announced Thursday, and the recent $100 million funding round for tax services company TaxBit

FalconX disclosed a funding round in December that notably drew participation from AmEx Ventures, the credit card company's venture arm. The firm raised $17 million in financing last summer from a group of investors that included Avon Ventures, which is tied to asset management giant Fidelity, Coinbase Ventures, Lightspeed and others.

This post has been updated with new information.

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].