FalconX, the crypto brokerage and trading firm backed by American Express, has raised new funding at a valuation around $670 million, The Block has learned.
The round, which will bring in $50 million, is being led by Tiger Global, a New York-based investment firm that has expanded its footprint in the crypto space across a series of notable deals in recent weeks. After publication, another source said the valuation was $675 million.
These include BlockFi's unicorn-status $350 million Series D round, announced Thursday, and the recent $100 million funding round for tax services company TaxBit.
FalconX disclosed a funding round in December that notably drew participation from AmEx Ventures, the credit card company's venture arm. The firm raised $17 million in financing last summer from a group of investors that included Avon Ventures, which is tied to asset management giant Fidelity, Coinbase Ventures, Lightspeed and others.
This post has been updated with new information.