New Trading Platform Developed by Ex-Bitmain CEO |
Jihan Wu, one of the most prominent bitcoin bulls and ex-Bitmain CEO will launch a new trading platform. If everything goes smooth, the new trading platform should be fully operational by the end of July.
Jihan Wu Former CEO of Bitmain will launch his new Startup Matrix at the end of this July, Matrix is an OTC trading platform that also makes hosting and large asset management services, according to close sources, “Matrix will be turn Asia into the focus for illegal trading of pic.twitter.com/HNRXcaLTo8
— David Sun (@phambinhminh14) June 6, 2019
Wu named his project, the Matrix, yeah seriously. According to the limited information, the Matrix will be a custody and trading firm with ties to Bitmain. One of the more interesting rumors flying around, is that the Chinese government could give the Matrix a monopoly, no pun intended.
After Wu resigned from Bitmain in the beginning of the year, there was much speculation about his next project. After all, many analysts considered his decisions while on top of Bitmain to be highly unprofessional. Wu led the company during the failed IPO which resulted in losses of over $500 million.
The new trading platform shows great promise
The bear market took most of the blame, but most analysts questioned the investments into Bitcoin Cash made by Wu. Regardless of the IPO being a grand failure, Bitmain seems to be working on a strong connection with Wu’s new trading platform. There are also rumors that the Matrix was developed during Wu’s time on top of Bitmain.
It’s highly unlikely that Wu’s resignation is a grand strategic move. There doesn’t seem to be any pressure between Wu and Bitmain’s new CEO, Micree Zhan. This is why all eyes will be on the Matrix next month.
Wu’s new trading project can literally become the largest crypto asset manager in Asia as soon as it’s launched. With Bitmain as its number one customer, the Matrix will be able to offer custodial and lending services while having access to Bitmain’s incredibly large pool of assets.
The Matrix will get a huge advantage over the market due to the high liquidity and low prices it will produce. Many experts seem reserved as there doesn’t seem to be an answer on how the Matrix will handle the ban on crypto trading.
Normally, the company would simply use an offshore holding firm as a workaround. The interesting part here is that Wu is reportedly in talks with the Chinese government. After all, total market dominance over the world’s crypto assets doesn’t sound like a bad deal.
Total monopoly could be given to the Matrix on a whim. With the trade wars heating up however, there seem to be many Chinese investors dumping the yuan. This is why the government will really benefit from an opportunity to exert oversight on all crypto activity in the country without the need to change their opinion on cryptocurrencies.