Bitmain Spin-Off Matrixport Seeks $300M Valuation in Latest Funding Round
Matrixport began pitching investors a few weeks ago with the aim of raising $40 million.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5FACFUGMUZA27C2BJ7C6SOX4OQ.jpg)
Jihan Wu
A cryptocurrency trading solutions provider spun off from Bitmain a year ago hopes to hit a $300 million valuation in its latest funding round.
Singapore-based Matrixport, founded by Bitmain CEO Jihan Wu last February, is looking to raise $40 million in a new raise, sources familiar with the matter told Bloomberg.
Should the round be successful, Matrixport's post-money valuation would hit $300 million, nearly triple the $114 million the young company reached with its previous funding. Matrixport claims to have made revenue between $7 million and $8 million since beginning operations last July, according to a pitch deck seen by Bloomberg.
The company started actively pitching investors a few weeks ago.
Matrixport provides regulatory compliant crypto-related financial services to professional traders, including OTC trading and lending services, as well as a custody solution. Most recently in February, the company launched a product helping traders successfully identify and take advantage of market dips.
CoinDesk previously reported that many Matrixport staff came from Bitmain's blockchain-development department, a division directly under Wu's control. Although Matrixport was spun out last year, both Wu and Bitmain remain major shareholders.
Matrixport was among several Chinese cryptocurrency companies to make a strategic investment in Beijing-based media and data outlet Mars Finance last September.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.