US-based FalconX completed a $210m series C round yesterday featuring fellow cryptocurrency exchange operator Coinbase as well as payment services firm American Express and proprietary trading firm Capital Market Trading.
Investment firms Altimeter Capital, B Capital Group and Tiger Global Management joined venture capital firm Sapphire Ventures to co-lead the round, which included Avon Ventures, an affiliate of investment and financial services group Fidelity, in addition to Accel, Accomplice VC, Flybridge Capital Partners, Lightspeed Venture Partners and Mirae Asset.
American Express, Coinbase and Capital Market Trading took part through respective subsidiaries American Express (Amex) Ventures, Coinbase Ventures and CMT Digital. The round boosted the company’s valuation to $3.75bn.
Founded in 2018, FalconX provides an artificial intelligence and big data-equipped cryptocurrency and digital asset trading platform that helps institutional investors determine crypto pricing and execute transactions.
The company will use the cash to ramp up its prouduct offering, identify strategic acquisition opportunities and recruit executives with digital and traditional finance backgrounds.
Amex Ventures, Coinbase Ventures and CMT Digital had already taken part in a $50m round for FalconX in March this year, investing together with Accel, Accomplice, Avon Ventures, B Capital Group, Flybridge Capital Partners, Lightspeed Venture Partners and Tiger Global Management.
Fenbushi Capital, a blockchain-oriented fund operated by car parts manufacturer Wanxiang Holdings, had joined Coinbase Ventures, Avon Ventures, Accel, Flybridge, Lightspeed Venture Partners and unnamed other investors to back a $17m round disclosed in May 2020 when FalconX emerged from stealth.
