The cryptocurrency trading platform backed by Wu Jihan, Matrixport, will raise $ 40 million in financing
Matrixport, the co-founder of Bitmain, Wu Jihan, an all-in-one backed digital asset financial service platform, will receive $ 40 million in the next round of financing with the goal of a post-investment valuation of $ 300 million.
Bloomberg reported the announcement on Wednesday, March 4, citing people familiar with the matter. Experts told the news media that Matrixport revealed its fundraising plans to investors last week.
The cryptocurrency trading platform progressed from $ 7 million to $ 8 million in revenue in 2019 and points to more than double this year, according to a slide deck shared with investors and seen by the news agency. The company was valued at $ 114 million in the last round of financing.
Matrixport was founded in February 2019 and received the investment from Jihan Wu, president and CEO of Bitmain. The company is based in Singapore with rich industry resources and leading technical talent. Initially, the company's business lines included commerce, loans and non-prescription custody.
According to statistics last month, the company had accumulated more than $ 500 million in crypto in custody and had generated around $ 100 million in outstanding loans. But, the digital asset trading service remains one of Matrixport's most striking businesses, encompassing business-centric users, such as blockchain projects and institutional funds, and consumer-centric users, such as cryptocurrency miners and high-income people. . Matrixport has already handled more than $ 500 million in cryptocurrency spot trading.
In a press release published yesterday, March 4, Matrixport has also expanded its services to Russia by announcing the official launch of the website and mobile application located in Russia. The firm has hired Russian representatives to fully explore the Russian digital asset market.
The company also provides services to miners by managing an over-the-counter (OTC) negotiating table to process large transactions and offers various risk management solutions to miners through derivative contracts and structured products.
The firm also expanded its service to Europe. In November 2019, Matrixport announced that it plans to open a new office in Zurich, Switzerland.
Encryption-focused companies have seen a series of investments in recent months. As reported by Crypto Economy, Paystand He raised $ 20 million after completing his Series B financing round. In February 2014, blockchain forensic firm Elliptic received $ 5 million from US banking giant Wells Fargo. Elliptic also raised $ 23 million in a fundraising campaign led by SBI Holdings, a group of Tokyo-based financial services companies.
In September 2019, the online payment processor platform Stripe He raised $ 250 million in the Series E financing round with investors such as Andreesen Horowitz, Sequoia and General Catalyst.
