Bitmain Co-Founder Turns His Second Crypto Venture Into Unicorn

Bitmain Co-Founder Turns His Second Crypto Venture Into Unicorn

Matrixport, the crypto-finance enterprise led by Bitmain’s billionaire founder Wu Jihan, has raised contemporary capital from traders together with DST Global and Tiger Global, ramping up its pre-money valuation to $1 billion (roughly Rs. 7,440 crores) in two years since its inception.

The Series C funding spherical was led by DST Global, C Ventures, and K3 Ventures with different members together with Qiming Venture Partners and current backers like IDG Capital and Dragonfly Capital, the agency mentioned in an announcement Monday. The Singapore-based startup has raised over $100 million (roughly Rs. 740 crores) within the spherical with a second tranche to return, Chief Executive Officer Ge Yuesheng mentioned in an interview.

“Crypto banking continues to be a fast-growing area of interest when in comparison with wallets and exchanges,” mentioned Ge. “Our purchasers are primarily excessive net-worth people in crypto who’ve a variety of expectations of danger and return.”

Matrixport belongs to a gaggle of fledgling startups making an attempt to carry a well-recognized Wall Street formulation to the cryptocurrency world. It affords crypto monetary providers from custody to buying and selling and structured merchandise to institutional and retail prospects. As of March this 12 months, it held over $10 billion (roughly Rs. 74,37 crores) of shopper property below administration and custody, the agency mentioned.

The firm goals to go public in three to 5 years to supply traders an exit, Ge mentioned on Monday. It additionally goals to have a whole bunch of billions of {dollars} in property below administration and custody inside 5 years.

Wu spun Matrixport off from Bitmain in 2019, after the world’s largest maker of Bitcoin mining rigs ran right into a money crunch. In January, he resigned as chairman and chief govt officer of the corporate he co-created seven years in the past, ending a years-long energy battle along with his co-founder Micree Zhan. Wu now serves as chairman of Matrixport, with Ge, his former Bitmain ally, because the CEO. The duo has a majority stake within the agency, Ge mentioned. Bitcoin price in India stood at Rs. 29.18 lakhs as of 6pm IST on July 2.

The startup took in $7 million (roughly Rs. 50 crores) to $8 million (roughly Rs. 60 crores) in income for 2019 and anticipated that to greater than double in 2020, it informed traders when pitching a funding spherical final 12 months. Ge mentioned the agency is worthwhile, with out disclosing monetary numbers.

© 2021 Bloomberg LP

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