Bitmain Cofounder-Backed Matrixport to Raise $140M Funding

Bitmain-backed crypto trading platform co-founder Matrixport announced new funding round to raise $140 million at a $300 million post-investment valuation.

Bitmain-backed crypto trading platform co-founder Matrixport has announced a new funding round aimed at raising as much as $140 million at a $300 million post-investment valuation.

In recent weeks, Singapore-based Matrixport revealed its fundraising plans to investors, according to people who are familiar with the issue, BNN Bloomberg reported on March 4. Matrixport’s revenue reportedly amounted to $7 million to $8 million in 2019, with the company expecting to double this year’s earnings.

Matrixport’s Value after Funding

Matrixport was reportedly valued at $114 million in the latest funding round.

Matrixport was launched last July by Wu Jihan, the former CEO of one of Bitcoin’s largest mining pools (BTC), Bitmain. The platform initially offered on – the-counter trading, lending, and custody. Jihan said at the time that Matrixport would use the connections and expertise of its Bitmain to meet the needs of the Chinese cryptocurrency miners.

Matrixport subsequently unveiled plans to enter the European market through the opening of a new office in Zurich, Switzerland. Hui Wang, Matrixport’s CEO in Switzerland, then said that Matrixport’s new office in Zurich would not simply refer clients to Asia, but would provide full service to European clients as well.

Recent Investments in Crypto Space

In recent months, the crypto-space has seen a number of investments. Digital asset startup Copper, based in London, attracted $8 million in a Series A funding round in February, with investment firms such as MMC Ventures and LocalGlobe involved.

Fidelity International purchased 17 million shares in BC Group, OSL’s operator, one of Asia’s largest institutional digital asset platforms, for a 5.6 per cent ownership position. As such, Fidelity acquired a $14 million stake in the company.

Currencycloud, a cross-border payment platform, raised $80 million in funding from SBI Group, Visa, International Finance Corporation, BNP Paribas and Siam Commercial Bank in late January.

Cryptolydian reported that, major Chinese miner manufacturers gradually resume business as computer processing power of the bitcoin network is growing again-albeit slowly, after the coronavirus outbreak delayed shipments.

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major Chinese miner manufacturers gradually resume business