The former Bitmain CEO is raising capital for a new crypto unicorn

Matrixport, portion of Jihan Wu’s Bitmain exit system, is now well worth in excess of $ one billion in just two many years.

Mr. Jihan Wu grew to become a foremost identify in the cryptocurrency globe soon after co-founded Bitmain Technologies in 2013 and went public in 2018. His most current venture, Matrixport, raised new capital to attain the heights well worth $ one. billion.

With the participation of important venture capital companies like Tiger Global, DST Global, C Ventures, and K3 Ventures, Matrixport’s Series C funding raised in excess of $ a hundred million. As a crypto monetary companies company, Matrixport strives to apply a Wall Street-like framework for the huge crypto ecosystem.

According to Matrixport CEO and former Bitmain investor Ge Yuesheng, the firm is now property to wealthy persons “who have high risk and reward expectations.” The firm reportedly holds far more than $ ten billion in consumer assets as of March 2021 and intends to listing the shares “in three to five years” as an exit system for its traders.

As previously reported, Matrixport was founded by Wu following government opposition towards the launch of Bitmain’s IPO in 2019. Last yr, the startup’s income peaked involving $ seven and $ eight million and it is stated to have doubled investor money in 2020 in the most current investment cycle.

Citing rigid policies towards cryptocurrency innovation, Wu’s stance on getting rid of “bad guys from the industry” and healing the industry’s popularity. Before Wu retired from Bitmain, the firm was estimated to be well worth $ twelve billion in August 2019.

Matrixport at present supports the acquire of the most common cryptocurrencies, like Bitcoin Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Tether (USDT) towards fiat.

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