Crypto Trading Platform AscendEX Raises $50M From Backers Including Alameda Research

The platform has reached over $200 million in average daily trading volume.

AccessTimeIconNov 3, 2021 at 5:24 p.m. UTC
Updated Nov 3, 2021 at 6:43 p.m. UTC

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Singapore-based cryptocurrency trading platform AscendEX has raised $50 million in a Series B funding round led by Polychain Capital and Hack VC with participation from Alameda Research and other investors, the company said in a statement.

  • Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Palm Drive Capital and Nothing Research also participated in the round.
  • AscendEX, which was launched under the name “BitMax” in July 2018, offers crypto exchange, custody and staking services.
  • The company plans to use the funds to “accelerate international market entry and catalyze further product innovation, specifically focused on blockchain-based yield generating protocol,” Global Head of Business Development Shane Molidor said in the statement.
  • AscendEX said it serves over one million retail and institutional clients, and has reached over $200 million in average daily trading volume.
  • No valuation for the company was disclosed.

Read more about

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.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.