Hassan Maishera
The cryptocurrency finance venture founded by former Bitmain CEO Jihan Wu has raised fresh funds and is now valued at over $1 billion.
Matrixport is now valued above $1 billion
Matrixport, the cryptocurrency finance venture founded by former Bitmain CEO Jihan Wu, has become the latest firm to reach unicorn status in the crypto space. The company raised fresh funds over the weekend and is now valued at over $1 billion.
According to the report by Bloomberg, the Series C funding round was led by DST Global, C Ventures and K3 Ventures. The funding round was also graced by new and existing participants, including Qiming Venture Partners, IDG Capital and Dragonfly Capital.
In its blog post earlier today, Matrixport stated that it “offers a full suite of cryptocurrency financial services including institutional custody, trading, lending, structured products and asset management to institutional and retail1 clients.”
By the end of the first quarter, Matrixport held over $10 billion of client assets under management and custody. The firm also recorded $5 billion in monthly transactions across all product lines.
Jihan Wu has focused on Matrixport since he was ousted as the CEO of Bitmain. Wu stated that “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.”
Matrixport has been around since 2019, and Wu maintains that it aims to become a one-stop financial services platform. The firm intends to make it easy for institutions and individuals to get more from the cryptocurrency market. The crypto market continues to attract the attention of retail and institutional investors globally despite the prices currently down from their all-time highs.
