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.
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