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AmEx Dives Deeper Into Crypto With Trading Platform Investment

Dec. 16, 2020, 2:00 PM

American Express Co.’s venture arm has invested in the FalconX cryptocurrency trading platform, another sign that large financial services providers are tiptoeing into the digital-asset sphere.

The credit-card provider didn’t disclose the amount invested in the San Mateo, California-based startup, which raised $17 million in May from the likes of Accel, Coinbase Ventures and a fund affiliated with Fidelity Investments’ parent company.

AmEx has been investigating cryptocurrencies for years. In 2019, the company rolled out an app that uses blockchain -- the digital ledger behind many cryptocurrencies -- to let contractors and vendors reconcile invoices and time sheets. Amex ...