Bitmain’s Former CEO Jihan Wu’s Matrixport Now Values $1 B

by in Cryptocurrency News

Matrixport $1 billion

Crypto startup Matrixport, co-founded by digital asset mining firm Bitmain's ex CEO Wu Jihan and Ge Yuesheng in February 2019, raised over $100 M in Series C. Thus, the

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Singapore-headquartered company's valuation reached $1 B.

The investment round was led by DST Global, C Ventures, and K3 Ventures. Among investors were Qiming Venture Partners, CE Innovation Capital, Polychain, Dragonfly Capital, and others.

Matrixport announced it will use the received funds for researching and developing its products and security along with improving users’ experience. Also, the sum will be directed to support the company’s broadening and get licenses to suit regulatory requirements. Currently, Matrixport owns licenses in Switzerland and Hong Kong. In 2019, Matrixport revenue reached $7-$8 M. The firm aims to go public in three or five years. This March it had more than $10 B of client AUM and custody, with $5 B transactions per month.

Beijing-based Bitmain's billionaire founder Jihan Wu, established Matrixport when Bitmain faced regulatory issues while launching its IPO in 2019. That year Wu stopped to serve as CEO and in 2021 he officially left Bitmain.