Home Latest Former Bitmain CEO Jihan Wu raises fresh capital for Matrixport

Former Bitmain CEO Jihan Wu raises fresh capital for Matrixport

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Matrixport, one of Asia’s fastest growing digital asset financial services platforms; has completed its Series C funding round with a valuation of over $ 1 billion – just two years after its inception.

This round was led by partners DST Global, C Ventures and K3 Ventures with other contributors including Qiming Venture Partners, CE Innovation Capital, Tiger Global, Cachet Group, Palm Drive Capital, Foresight Ventures and A&T Capital, as well as earlier investors Lightspeed, Polychain, Dragonfly Capital, CMT Digital and IDG Capital.

One investor, Adrian Cheng, founder of C Ventures, said: “As blockchain-based digital assets become more widespread and accepted; new ways needed to generate profitability, source liquidity, and manage cryptoassets as a new asset class. Matrixport well positioned to meet the growing demand for this new area of ​​investment; driven primarily by the younger generation”.

The Singapore-based startup has raised $ 129 million to date.

The funds raised will be used to improve the product line and improve the user experience of interacting with the platform.

Matrixport expects to expand into new markets with appropriate licenses. So, the company currently registered in Singapore (headquarters), Hong Kong and Switzerland.

In the near future, Matrixport plans to expand its operations to Europe and North America; the company is now awaiting regulatory approval.

“We don’t want to break the laws in China, so we have shifted our efforts to other countries in the region”, said the CEO of Matrixport.

New interests

Founded in 2019, Matrixport is a young cryptocurrency startup focused on developing financial services for professional crypto traders and investors.

“We are more than just a gateway to the crypto economy. Matrixport is a place where both institutional clients and individuals can easily get more from their cryptocurrencies than just trading. We are constantly offering new ways to invest in cryptocurrencies and generate profits in a safe and sustainable way”, said John Ge, Co-Founder and CEO of Matrixport.

For example, Matrixport offers a full range of financial services for cryptocurrencies; including institutional storage, trading, lending, structured products and asset management, for institutional and retail clients. So, as of March 2021, the company had over $ 10 billion in client assets under management and custody; and monthly transactions across all product lines totaled $ 5 billion.

Matrixport currently offers investments in BTC, ETH, XRP, BCH, and LTC.

The startup came out of Bitmain’s wing after the world’s largest Bitcoin mining farm faced a financial crisis. However, it is reported that Wu and Bitmain are the main shareholders of the venture.

The startup’s main competitors are companies such as BitGo Inc. and Genesis Global Trading Inc. in USA.

“We are not a cryptocurrency exchange or wallet. We are a full-fledged cryptobank”, said Matrixport CEO John Yuesheng Ge.

Also, John Ge said that the company intends to conduct an IPO in three to five years; and within five years it plans to manage or store assets worth “hundreds of billions of dollars”.

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