American Express is stepping into the crypto world again after investing in the startup FalconX.
The amount invested by American Express is yet to be known. However, FalconX already raised $17 million back in May from other big companies like Coinbase Ventures.
American Express has a history of supporting crypto technology. In 2017, they developed a payment gateway called FX International Payments (FXIP) platform on the ripple blockchain. AMEX also created an app using blockchain for business-to-business operations in 2019.
This latest support for FalconX shows how the corporate finance world is getting closer to implementing crypto technology and concepts into their systems to keep up with consumer demands.
“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place,” said Harshul Sanghi, Global Head of Amex Ventures. “Amex Ventures invests in startups as a way to better understand emerging areas of the payments ecosystem, and we are pleased to support FalconX as it continues to drive innovation in the digital asset space, including digital currencies.”
FalconX currently operates as a refined trading platform that caters to specific roles within the crypto arena. However their goal after raising enough funds is to create a crypto payment service, which would be greatly assisted by AMEX involvement.