American Express Enters The Crypto Space With New Investments
American Express is a renowned financial service firm which has its headquarters in New York. The firm is well-known for its credit card issuance globally, and it has revealed some new plans to explore the crypto community. American Express is one of the biggest names with concrete plans to explore cryptocurrency-related services.
Back in 2017, the firm was named the 23rd most valuable brand in the world by Forbes. Earlier this week, Paypal and Apple Pay declared their stance on the industry and the recent increase in the brand endorsement is bringing some more encouragement in the space, especially after Bitcoin hit its last resistance point.
American Expresses Invests in FalconX
The financial giant took the crypto community by storm with its latest investments in FalconX. FalconX is a crypto trading community that provides essential crypto-related services. The details of the new investments were not revealed, but sources claim that the company has invested a worthy quantity into the trading platform.
The two financial service organizations recently sealed their new partnership and based on a new Press Release; the partnership would help the credit card company build a platform to accommodate the exploration of crypto-related services. FalconX is also a big name in the crypto space, with their significant investors being institutional buyers.
The well-known firm has an outstanding market capitalization. The estimated price of its market capitalization is just inches from hitting $100 billion in worth. The large market makes it reasonable for American Express to be a part of the industry, especially with the new wave of institutional buyers running to cryptocurrency due to the Fed’s policy on money.
Institutional and high net worth buyers are slowly taking up almost every piece of the scarce commodity. Despite reluctance on some part due to the high volatility of the asset, not many seem to mind that feature these days with the hefty chunks of crypto exiting the market.
Cryptocurrency as an inflationary hedge
It’s no news that crypto has been used to control the alarming inflation of cash with the reduction of cash currency in circulation. Interestingly, before the new partnership, FalconX had definite plans to expand its trading services. With the new partnership, the crypto space is expecting an incredible collaboration between the two businesses. The head of American Express, Harshul Sanghi, spoke on the collaboration and explained that FalconX was bringing simplicity into space through their trading platform.
Harshul revealed that American Express is interested in investing with new start-ups to understand the payment ecosystem and he gave his support to the exchange concerning its journey to create a revolutionary experience in the crypto space with digital assets and currencies in mind.
Also, the exchange opined that there is an entry of the new type of buyers, which are the institutional buyers. The firm noted that the buyers have caused a more considerable revenue to flood the crypto space, leading to the current demand in digital assets. The crypto community is anticipating the new crypto-based innovations that would come out of the recent partnership.
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