Bitmain’s Spin-off Matrixport Valued Over US$1 Billion With US$129 Million Fundraise

Bitmain’s Spin-off Matrixport Valued Over US$1 Billion With US$129 Million Fundraise

by August 2, 2021
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Matrixport, a digital assets financial services platform that is a spin-off of Bitmain, has closed its US$129 million Series C funding round with a valuation of over US$1 billion two years since its inception.

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

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

With this funding, Matrixport plans to further invest in research and development to enhance its innovative product offerings and security while optimising for an even greater user experience.



The funds will also be used to support its global expansion as well as to secure licenses to operate in more jurisdictions.

Matrixport offers a full suite of cryptocurrency financial services including institutional custody, trading, lending, structured products and asset management to institutional and retail clients.

The company said that it has held over US$10 billion of client assets under management and custody, and recorded US$5 billion in monthly transactions across all product lines.

Jihan Wu

Wu Jihan

“I always believe an open and permissionless blockchain ecosystem is the bedrock of a new financial network that will benefit a large part of the world’s population.

 

As a result, there will be hundreds of trillions of value created, stored and transferred on this new financial network,”

said Jihan Wu, Co-Founder & Chairman of Matrixport.

Matrixport is Jihan Wu’s second crypto venture after Bitmain Technologies’ plans to go public fell apart in 2019.

When the IPO plans failed, Jihan exited the firm which was worth US$12 billion in August 2019.

 

Featured image: Bitmain’s blog

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