American Express' venture arm has financially supported the FalconX cryptocurrency trading platform, Bloomberg has learned. While the financial giant declined to disclose the amount of investment, the California-based startup already raised $17 million back in May from Accel and Coinbase Ventures.
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Global Head of Amex Ventures, Harshul Sanghi, says the company invests in startups "as a way to better understand emerging areas of the payments ecosystem." Meanwhile, FalconX's CEO and Co-Founder, Raghu Yarlagadda, claims the platform already processes $3 billion in transaction volume monthly with 250 institutional clients.
"We are actually at the front and center of seeing this institutional growth," Yarlagadda said.
At the same time, Brevan Howard, one of the largest macro hedge funds in the world, indirectly invested in cryptocurrencies through One River Asset Management.
The bitcoin-focused investment advisor plans to increase its holdings in BTC (EXANTE: Bitcoin) and ETH to approximately $1 billion in 2021.
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