Fun

Jihan Wu’s Matrixport Raises $100 Million — Singapore Startup Joins Growing List of Crypto Unicorns

News Feed - 2021-08-02 10:08:18

Jihan Wu"s Matrixport Raises $100 Million — Singapore Startup Joins Growing List of Crypto Unicorns


Matrixport, the digital currency financial services company co-founded by the former Bitmain CEO Jihan Wu, has revealed the company has raised $100 million in a Series C financing round. The funding has propelled Matrixport’s valuation to unicorn status as the firm now has a valuation of over $1 billion. Matrixport Now Valued at $1 Billion, Company Raises $100 Million in Series C


On Sunday, the company Matrixport, a financial services firm that specializes in cryptocurrency solutions, management, and custodial services, revealed the company has raised $100 million from a slew 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. The Singapore-based start-up Matrixport plans to use the financing to continue bolstering the company’s expansion.


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


“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,” the company’s co-founder Jihan Wu said in a statement. Matrixport’s Wu continued by adding: As a result, there will be hundreds of trillions of value created, stored, and transferred on this new financial network. Financing to Be Used for Global Expansion, Securing Licenses to Operate in More Jurisdictions


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


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


“As blockchain-based digital assets gain wider adoption and acceptance, new pathways are needed to capture yield, source liquidity, and manage crypto assets as an emerging asset class,” Cheng said. With deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to answer the increasing demand for this new area of investment, driven primarily by the younger generations,” the New World Group CEO concluded.


What do you think about Matrixport raising $100 million from strategic investors? Let us know what you think about this subject in the comments section below. Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies FINANCE | 13 hours ago While GBTC Bitcoin Stacking Slows, Grayscale Accumulates Alternative Crypto Assets FINANCE | 15 hours ago Tags in this story $10B AUM, A&T Capital, Blockchain Company, CMT Digital, Crypto Startup, Cryptocurrency, custody, Dragonfly Capital, expansion, Financing, financing round, Foresight Ventures, Former Bitmain, Funding, IDG Capital, Jihan Wu, Lightspeed, Matrixport, Matrixport CEO, Polychain, Series C, unicorn, Unicorn Company, valuation


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Polygon Enters Into Africa With Quidax. Quidax to Launch Self-Service Listing, Celebrates 3 Years
Polygon Enters Into Africa With Quidax. Quidax to Launch Self-Service Listing, Celebrates 3 Years press release PRESS RELEASE. Lagos –African-founded crypto
Ore wins Solana hackathon despite disrupting Solana’s network in April
Brayden Lindrea3 hours agoOre wins Solana hackathon despite disrupting Solana’s network in AprilA sudden rise in Ore mining transactions was one of the main culprits behind Solana’s April congestion issue, where up t
‘Save Your Skin’ From Inflation With BTC, The Great Monetary Shift, and SHIB Burns — Bitcoin.com News Week in Review
"Save Your Skin" From Inflation With BTC, The Great Monetary Shift, and SHIB Burns — Bitcoin.com News Week in Review Another spicy week of crypto news heads into the weekend, wit
US Bitcoin miner Giga Energy to launch facility in Argentina
Brayden Lindrea4 hours agoUS Bitcoin miner Giga Energy to launch facility in ArgentinaGiga"s new site harnesses otherwise wasted energy from natural gas flaring and has already mined between $200,000 and $250,000 worth o
FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns
FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns Judge John Dorsey has delayed his decision on whether to appoint an independent examiner
Savannah Fortis10 hours agoCoinbase VP says Canada can be a ‘global leader’ in cryptoCryptocurrency exchange Coinbase officially launched in Canada in August and is expanding its service offerings amid a promising lo
Hackers Move Another $800K in BTC Stolen From the 2016 Bitfinex Breach
Hackers Move Another $800K in BTC Stolen From the 2016 Bitfinex BreachAnother $800,000 worth of bitcoin from the Bitfinex hack of four years ago has been moved to an unknown wallet.
Biden Administration Accused of Propaganda and ‘Redefining’ a Recession’s Technical Definition
Biden Administration Accused of Propaganda and "Redefining" a Recession"s Technical Definition After people have accused bureaucrats and government agencies of changing definitions
Statera – a Global Deflationary Asset
Statera - a Global Deflationary Asset PRESS RELEASE. Since its inception, Statera has had a singular goal: “to put cryptocurrency into every portfolio&rdqu
Bitcoin And Ethereum Coinbase Premium Remains Positive For 7 Weeks — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
$1M Bitcoin price still in play amid ‘macro liquidity surge’ — Arthur Hayes
William Suberg7 hours ago$1M Bitcoin price still in play amid ‘macro liquidity surge’ — Arthur HayesBitcoin has constant bull market backing in the ever-expanding fiat money supply, Arthur Hayes concluded.5698 Tot
Mastercard to Help Banks Offer Crypto Trading — Executive Says Crypto Is on the ‘Cusp of Really Going Mainstream’
Mastercard to Help Banks Offer Crypto Trading — Executive Says Crypto Is on the "Cusp of Really Going Mainstream" Payments giant Mastercard has introduced a new program called Cr