American Express has become an investor in the institutional crypto exchange FalconX

Financial company American Express has entered the business of serving institutional investors in the cryptocurrency market by providing funding to the FalconX trading platform. The companies do not disclose the amount of the transaction. In May, FalconX raised $ 17 million in venture capital.

"falconx helps simplify the increasingly complex digital asset space through a platform that provides disclosure and pricing in one place," said harshul sangi, managing partner at american express ventures. " amex ventures invests in startups as a way to understand the emerging industries of the payment ecosystem. We are excited to support FalconX as they continue to drive innovation in the digital asset space, including digital currencies."

FalconX, for its part, said that since May, its revenues have increased by 350%, and the number of institutional clients – by 150% to 250. Transaction volumes tripled to $3 billion a month, and the new FalconX Credit service processed more than $1 billion in transactions in November.

"we are seeing an increase in interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge under the influence of macroeconomic policies," said raghu jarlagadda, co – founder and ceo of falconx. – We are pleased to welcome American Express Ventures as we continue to invest in the FalconX product line."

Other investors in FalconX include Accel, Accomplice VC, Avon Ventures, Coinbase Ventures, Fenbushi Capital, Flybridge Capital, and Lightspeed Venture Partners.

Earlier, American Express was accused of propaganda directed against the cryptocurrency space.