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Cryptocurrency platform FalconX secures $50 million investment

(Reuters) - Cryptocurrency trading platform FalconX said on Thursday it had secured a $50 million investment from Tiger Global and B Capital Group.

Over the last year, FalconX said its net revenue had grown 46 times, driven by increased demand for cryptocurrencies from institutional investors.

Interest in cryptocurrencies as an asset class has grown due to a meteoric rise in bitcoin prices, which hit a record high of $57,492 against the U.S. dollar last month.

“We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market,” said Scott Shleifer, partner at Tiger Global.

The start-up’s existing investors include Accel, Coinbase Ventures, Accomplice, Lightspeed and Avon Ventures, a venture capital fund with ties to FMR LLC, the parent company of Fidelity Investments.

Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel

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