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Jihan Wu’s Matrixport raises $100 million to reach unicorn status

jihan-wu’s-matrixport-raises-$100-million-to-reach-unicorn-status

The former CEO of Bitmain has raised the profile of his newest venture, and the firm is now worth over $1 billion.

Matrixport is now a unicorn company

Matrixport, the crypto-finance venture founded by Jihan Wu, the former CEO and co-founder of Bitmain Technologies, has reached a unicorn level. This latest development comes after the firm raised funds from new and existing investors.

The firm announced via a press release earlier today that it is now worth over $1 billion. Matrixport’s Series C funding round was led by DST Global, C Ventures and K3 Ventures. It also includes new participants like Qiming Venture Partners and the existing ones, IDG Capital and Dragonfly Capital.

Matrixport, a Singapore-based cryptocurrency finance venture, raised over $100 million this time around and expects to raise more soon. Chief Executive Officer Ge Yuesheng is optimistic about the firm’s growth over the next few years. He stated that “Crypto banking is still a fast-growing niche when compared to wallets and exchanges. Our clients are mainly high net-worth individuals in crypto who have a wide range of expectations of risk and return.”

Matrixport aims to make it easier for institutions and individuals to enjoy more services from the cryptocurrency sector. “We are more than a gateway to the crypto economy. Matrixport is where both institutional customers and individuals find it easy to get more from their crypto, beyond just trading,” Ge added.

Matrixport holds over $10 billion in assets

The firm revealed that by the end of the first quarter of 2021, it held over $10 billion in assets under management and custody. Matrixport also recorded $5 billion in monthly transactions across all product lines during that period.

Jihan Wu was previously the CEO of Bitmain Technologies, one of the leading manufacturers of cryptocurrency mining hardware. However, he resigned in January, ending a years-long power struggle with his co-founder Micree Zhan. Jihan Wu is now the chairman of Matrixport while, Ge, his former Bitmain ally, serves as the CEO.

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