Friday , September 24 2021

Jihan Wu’s Matrixport Raises $100M – Singaporean Startup Joins Growing Crypto Unicorns List – Finance Bitcoin News



Matrixport, the digital currency financial services company co-founded by former Bitmain CEO Jihan Wu, has announced that it has raised $100 million in the company’s Series C funding round. The funding has moved Matrixport’s assessment to unicorn status, as the firm currently has a valuation of over $1 billion.

Matrixport Now Valued at $1 Billion, Company Raised $100M in Series C

On Sunday, Matrixport, a financial services firm specializing in cryptocurrency solutions, management and custody services, announced that the company has raised $100 million from a number of strategic investors. The $100 million Series C funding round was led by DST Global, C Ventures and K3 Ventures.

Additionally, other investors include A&T Capital, Foresight Ventures, Lightspeed, Polychain, Dragonfly Capital, CMT Digital, and IDG Capital. Singapore-based start-up Matrixport plans to use the funding to continue supporting the company’s expansion.

Matrixport details that to date, the startup has raised a total of $129 million, with the latest funding turning the firm into a crypto unicorn. According to the company, Matrixport’s assets under management (AUM) are $10 billion and the venture’s services deal $5 billion per month in global trade volume.

“I always believe that an open and permissionless blockchain ecosystem is the cornerstone of a new financial network that will benefit a large part of the world’s population,” the company’s co-founder Jihan Wu said in a statement. Wu from Matrixport continued by adding:

As a result, there will be hundreds of trillions of values ​​created, stored and transferred in this new financial network.

Financing for Global Expansion, Assurance of Licenses to Operate in More Jurisdictions

In addition to global expansion, funding will be used for research and development (R&D), product offerings, security improvements and optimizing the user experience. “The funds will also be used to support its global expansion and secure licenses to operate in more jurisdictions,” Matrixport said.

Adrian Cheng, founder of C Ventures and CEO of New World Group, believes Matrixport will support wider adoption of blockchain technology and cryptocurrency solutions.

“As blockchain-based digital assets gain wider acceptance and acceptance, new ways are needed to capture returns, provide liquidity and manage crypto assets as an emerging asset class,” Cheng said. With a deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to respond to the growing demand for this new investment space, primarily driven by the younger generation,” said the CEO of the New World Group.

What do you think about Matrixport raising $100 million from strategic investors? Let us know what you think about this in the comments section below.

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