Tiger Invests in Crypto Platform FalconX Valued at $675 Million

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FalconX, a cryptocurrency trading platform, raised $50 million from investors including Tiger Global Management and B Capital Group, according to people with knowledge of the matter.

The San Mateo, California-based startup, led by Chief Executive Officer Raghu Yarlagadda, is valued at about $675 million as a result of the new investment, said the people, who asked not to be identified. The company, which is profitable, processes about $6 billion in volume a month for institutional investors, and has experienced significant revenue growth amid increased interest in cryptocurrencies, one of the people said.

Representatives for FalconX and B Capital declined to comment. Tiger didn’t respond to requests for comment.

The latest round of funding follows backing in December by American Express Co.’s venture arm. FalconX has said its 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.

Interest in crypto as an asset class has grown due in part to Bitcoin’s price surge. The market value of the world’s largest digital asset surpassed $1 trillion for the first time in February as the currency climbed to a record $58,350.

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