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

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

By Michael Bellusci
AccessTimeIconNov 3, 2021 at 5:24 p.m. UTC
Updated May 11, 2023 at 7:01 p.m. UTC
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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.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

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

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