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Bitmain’s spin off Matrixport hits unicorn status

Bitmain’s spin off Matrixport hits unicorn status


The cryptocurrency financial services platform has around $10 billion in assets under management

Matrixport, a company led by Bitmain’s founder, yesterday announced that it had concluded a Series C funding round that sent its valuation to more than $1 billion. Reports surfacing today said that the round was led by K3 Ventures, DST Global and C Ventures. Other partners involved in the round included Palm Drive Capital, Cachet Group, Tiger Global, A&T Capital and CE Innovation Capital.

The firm’s CEO Ge Yuesheng confirmed that the round had raised more than $100 million. He also explained that the firm intended to offer banking services for crypto rather than providing wallet services and acting as an exchange for users.

We are not an exchange; we are not a wallet. We are a crypto bank,” he said.

Yuesheng further averred that the company now plans to go public within the next five years in the hope that it will have secured hundreds of billions of dollars in assets under management.

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 has been around since 2019, having been created by Bitmain’s founder. Since its establishment, the crypto financial services platform has raised $129 million. It has also achieved unicorn status, making it the second setup in crypto for owner Yuesheng Ge to do so. The latest funding round, as described by the company, is intended for investment in research activities, scaling up security and also enhancing user experience.

The firm has grown to impressive heights in the last two years as it now has $10 billion worth of assets under management. The company said it plans to increase its footing in the global crypto sector using the funding that it gained from this round. Matrixport provides a variety of crypto services for its customers, mostly facilitating custody of crypto, trading of the currency and also the management of assets for institutional clients.

The companies partnering with Matrixport lauded it for its structure in the crypto business and were happy about the curation that its platform offered.

Matrixport has demonstrated tremendous thought leadership as a digital assets financial services platform by being first movers in delivering a well-curated suite of innovative crypto investment offerings,” MX Kuok, from K3 Ventures, noted.

The digital assets financial services firm adds to the several crypto companies that have raised funds in recent months. It also shows the increasing urge by ventures to invest in cryptocurrencies despite the slump witnessed earlier in the crypto market.



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