US-based cryptocurrency trading platform provider FalconX received $50m yesterday in a funding round backed by digital currency exchange operator Coinbase, payment services provider American Express and trading firm CMT Group.
Hedge fund manager Tiger Global Management also took part in the round, as did venture capital firms Accel, B Capital Group, Accomplice, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures, an affiliate of investment and financial services group Fidelity.
Coinbase and American Express invested through respective corporate venturing subsidiaries Coinbase Ventures and American Express Ventures, while CMT Group participated through its digital asset trading and investment arm, CMT Digital.
FalconX operates a cryptocurrency trading platform primarily aimed at institutional investors that uses machining learning technology to ensure stable currency pricing.
The company emerged from stealth in May 2020 with $17m from Fenbushi Capital, a blockchain-focused investment vehicle for automotive components producer Wanxiang Holdings, as well as Coinbase Ventures, Avon Ventures, Accel, Flybridge, Lightspeed Venture Partners and undisclosed others.