FalconX, a platform for institutions trading cryptocurrency, has secured an undisclosed investment from American Express Ventures.

The latest funding round was also joined by the company’s existing investors including Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures.

The latest funding follows the cryptocurrency trading platform raising $17m in May this year, which was led by led by Accel.

Amex Ventures global head Harshul Sanghi said: “FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place.

“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 registered revenue surge of 350% since wrapping up its funding round in May. It now serves 250 institutional clients, which represents a jump of 150% from May 2020.

The company claims that its transaction volumes have tripled to around $3bn on a monthly basis.

FalconX CEO and co-founder Raghu Yarlagadda said: “We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalyzed by recent macro-economic policies.

“It is a great pleasure to welcome American Express Ventures as we continue to invest in expanding FalconX’s product offering.”

The company in its press statement said that it new offering FalconX Credit, which allows clients to extend settlement, reached over $1bn in credit transactions during November this year.