March 11 (Reuters) – Cryptocurrency trading platform FalconX said on Thursday it had secured a $50 million investment from Tiger Global and B Capital Group.
Over the last year, FalconX said its net revenue had grown 46 times, driven by increased demand for cryptocurrencies from institutional investors.
Interest in cryptocurrencies as an asset class has grown due to a meteoric rise in bitcoin prices, which hit a record high of $57,492 against the U.S. dollar last month.
“We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market,” said Scott Shleifer, partner at Tiger Global.
The start-up’s existing investors include Accel, Coinbase Ventures, Accomplice, Lightspeed and Avon Ventures, a venture capital fund with ties to FMR LLC, the parent company of Fidelity Investments.
Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.