Paxos gets stuffed with cash as AmEx goes down the crypto route

The company serves 250 institutional clients, up 150% from May 2020, and its transaction volumes have tripled to around $3 billion on a monthly basis.

Even American Express is now jumping on the sudden bandwagon which almost every consultancy firm, bank and exchange seems to favor at the moment, that being an odd move into digital asset trading.

Despite the scams, vanishing exchanges and their nefarious owners, and back-street image of cryptocurrency, ever since the Chinese government – ie the world’s dictatorship – decided to channel its resources toward an unpleasant central bank-issued cryptocurrency, have gone down this route.

Today it is American Express, the credit card service which is hardly accepted anywhere due to its high merchant fees, and which dares to charge its customers a fortune for the ‘kudos’ of holding its credit facility.

American Express is joining the crypto trading gold rush with an investment in institutional digital asset platform FalconX

American Express Ventures joins existing investors Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, adding to a $17 million funding round FalconX announced in May.

Trading as principal, FalconX provides institutional clients the ability to access cryptocurrency markets through a single platform for trading, credit, and clearing.

The company serves 250 institutional clients, up 150% from May 2020, and its transaction volumes have tripled to around $3 billion on a monthly basis.

“FalconX is helping bring simplicity to the increasingly complex digital asset space through a platform that provides discovery and pricing all in one place,” says 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.”

Elsewhere on the crypto front, blockchain infrastructure firm Paxos has closed a $142 million Series C round of funding, led by Declaration Partners. PayPal Ventures, which uses Paxos crypto broker platform for its recently-announced bitcoin offering, also renewed its investments.

Charles Cascarilla, CEO and co-founder of Paxos, commented, “In the last year, global adoption of crypto and blockchain-based solutions by enterprises has accelerated. We are proud to count among our clients’ global leaders in payments, banking, trading and fintech, such as PayPal, Credit Suisse, Societe Generale and Revolut. Paxos is uniquely positioned to address the digital asset needs of global brands and bring our solutions to enterprises with trillions in assets and billions of end users.”

He says the company will double the size of its team and and scale its technology to cater for the opportunities opening up in the white hot crypto space.

I suppose he thinks the competition can ‘get stuffed’!

 

Read this next

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Middle East Tensions April 17 ,2024

The Federal Reserve walks a delicate line, addressing high inflation through a hawkish stance while avoiding stifling economic growth.

blockdag

‘Kaspa Killer’ BlockDAG Goes To The Moon With $18.5M Presale, Draws Attention from AVAX and Kaspa Investors

Discover how ‘Kaspa Killer’ BlockDAG’s $18.5M presale and 400% surge positions it as the fastest-growing crypto, amidst AVAX’s anticipated market rally and Kaspa’s performance gains.

Tech and Fundamental, Technical Analysis

Bitcoin Technical Analysis Report 19 April, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 67000.00, top of the previous minor correction ii.

Digital Assets

Crypto.com denies setback in South Korean market entry

Crypto.com has refuted reports from South Korean media that suggested a regulatory hurdle might delay its expansion in South Korea.

Digital Assets

Tether expands USDT and XAUT offerings on Telegram

Tether’s stablecoin USDT, which boasts a market cap of $108 billion, has expanded its presence onto The Open Network (TON), a blockchain closely linked to the Telegram messaging app.

Digital Assets

Embrace the New Era: USDt on TON Revolutionizes Peer-to-Peer Payments

The integration of USDt, the world’s largest stablecoin by market capitalization, onto The Open Network (TON) marks an advancement in the realm of digital finance.

<