(Reuters) – FalconX cryptocurrency trading platform said on Thursday it had received a $ 50 million investment from Tiger Global and B Capital Group.
Over the past year, FalconX reported that their net income had grown 46-fold, driven by increased demand for cryptocurrencies from institutional investors.
Interest in cryptocurrencies as an asset class has grown as a result of 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 as an industry leader in the institution’s cryptocurrency market,” said Scott Shleifer, a partner at Tiger Global.
Existing investors include Accel, Coinbase Ventures, Accomplice, Lightspeed and Avon Ventures, a venture capital fund with links to FMR LLC, a leading Fidelity Investments company.
Reporting by Arunima Kumar in Bengaluru; Edited by Amy Caren Daniel