Matrixport, founded by Jihan Wu, former Bitmain CEO, is valued at $1 billion in just two years.
Matrixport is a crypto-finance venture started in 2019 as a part of Wu’s exit strategy from Bitmain.Wu founded Bitmain back in 2013 and made it public in 2018. His latest venture Matixport has acquired new capital worth $1 billion to stand at Unicorn status.
In a series C funding round, large venture capital firms like DST Global, Tiger Global, C Ventures, and K3 Ventures helped to raise $100 million, said CEO Ge Yuesheng, a former Bitmain investor. “ Our clients are mainly high net-worth individuals in crypto who have a wide range of expectations of risk and return”.
The firm holds $10 billion of client assets and wishes to go public “in three to five years” to offer client exit according to a statement released on Monday. The company has also recorded $5 billion in monthly transactions across all products as of March 31.
The startup wants to bring a familiar Wall Street formula to the crypto world. Wu founded Matrixport because of governmental resistance against Bitmain’s initial public offering back in 2019. Due to stringent policies against crypto transactions, Wu founded Matrixport to take out the “bad actors of the industry” and clean the bad reputation of the industry.
In 2019, the firm had revenue of $7 million $8 million and pitched to double the money of the investors by 2020 during the last investment cycle. To date, the Singapore-based startup has raised $129 million.
The funding will help in further research and development for its product offering and improve the platform’s user experience, the firm said.
Matrixport supports currencies like Bitcoin(BTC), Litecoin(LTC), Ether(ETH), XRP, Bitcoin Cash(BCH), Tether(USDT), against fiat money.