FalconX, an institutional-focused cryptocurrency exchange supported by American Express Co.’s venture arm, has raised $50 million from Tiger Global and B Capital Group, Bloomberg reports.
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The California-based cryptocurrency startup raised its net revenue by 46 times and the company is now reportedly valued at $675 million. The exchange processes approximately $6 billion in volume a month and attracted capital from Coinbase Ventures, Accel, Accomplice, Lightspeed and Avon Ventures, a venture capital fund with ties to FMR LLC, the parent company of Fidelity Investments.
Scott Shleifer, partner at Tiger Global, claims FalconX is "positioned" to be an industry leader in the institutional cryptocurrency market.
iHodl earlier reported that BlockFi, a non-bank cryptocurrency lender, raised $350 million in a Series D fundraising round that values it at $3 billion. The company attracted capital from Bain Capital Ventures, partners of DST Global, Pomp Investments and Tiger Global.
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