(Reuters) – Cryptocurrency buying and selling platform FalconX mentioned on Thursday it had secured a $50 million investment from Tiger World and B Capital Group.
Over the past 12 months, FalconX mentioned its web income had grown 46 occasions, pushed by elevated demand for cryptocurrencies from institutional buyers.
Curiosity in cryptocurrencies as an asset class has grown on account of a meteoric rise in bitcoin costs, which hit a file excessive of $57,492 in opposition to the U.S. greenback final month.
“We consider FalconX is positioned to be an trade chief within the institutional cryptocurrency market,” mentioned Scott Shleifer, companion at Tiger World.
The beginning-up’s current buyers embrace Accel, Coinbase Ventures, Confederate, Lightspeed and Avon Ventures, a enterprise capital fund with ties to FMR LLC, the dad or mum firm of Constancy Investments.
(Reporting by Arunima Kumar in Bengaluru; Modifying by Amy Caren Daniel)