Institutional crypto trading platform FalconX has raised $50 million, valuing it at $675 million, Bloomberg reported.
The platform processes about $6 billion in cryptocurrency per month and has seen “significant” revenue growth as institutional activity has surged in recent months.
Investors include Tiger Global Management and B Capital Group, according to Bloomberg, who cited people familiar with the matter.
In December, American Express Ventures invested in FalconX following a $17 million funding round in May 2020.
Financial services firm BlockFi is also seeing the benefits of the recent mainstream adoption of cryptocurrency.
The firm raised $350 million in a Series D funding round, the company announced Thursday (March 11), valuing the firm at $3 billion. The round was led by Bain Capital Ventures, Pomp Investments, Tiger Global and partners from DST Global and included almost 20 additional investors.
“We are in the early innings of retail and institutional crypto adoption; as demand grows, we see an enormous opportunity for crypto companies to offer a suite of sophisticated, scalable financial services to engage and empower clients,” said Stefan Cohen, partner at Bain Capital Ventures, in the press release.
BlockFi will use the investment to fund its products, expand into new markets and funnel capital for new acquisitions.
The platform, which bridges traditional finance and wealth management with cryptocurrency, manages over $15 billion in assets for over 225,000 clients. Users can trade, buy, and sell cryptocurrencies and earn yields on their assets and receive loans secured by digital assets. BlockFi provides loans and trading services for institutional clients as well.
“Digital assets will continue to democratize finance, serve as a hedge against inflation and expansionary monetary policy, and promote innovation in financial technology and accessibility to financial services,” Zac Prince, CEO and co-founder of BlockFi, said in the press release.
In other news, Bakkt Marketplace has been approved for both a virtual currency license and a money transmitter license, according to a statement from the New York State Department of Financial Services.
New York customers will now be able to buy and sell digital assets on Bakkt Marketplace, a subsidiary of Bakkt Holdings, which will be subject to the regulations of the New York State Department of Financial Services (DFS).
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