Ex Bitmain CEO Jihan Wu raised capital for the new crypto Unicorn as a part of its Bitmain exit strategy- Matrixport which is now valued at over $1 billion in just two years so let’s read more in our latest crypto news today.
Jihan wu became the most prominent name in crypto after co-founding Bitmain Technologies in 2013 and taking it public in 2018. his latest venture Matrixport raised more capital to stand at a unicorn level of $1 billion in valuation. With the participation of the large venture capital companies including Tiger Global, CVentures, DST Global, and K3 Ventures, the funding raised over $100 million, and as a crypto-financial services company, Matrix port tried to implement a similar structure to Wall-street’s structures to the vast crypto ecosystem.
According to the CEO of Matrixport, former Bitmain investor Ge Yuesheng, the company is home to high net-worth individuals that have a wide range of expectations of risk and return. The company reproted to hold over $10 billion of client assets in March 2020 and it intends to go public in three to five years as an exit strategy for the investors. Matrixport was founded by Wu after a governmental resistance against the Bitmain IPO back in 2019 but last year, the startup’s revenue hit $8 million and had pitched to double the money by 2020 during the last investment cycle.
Citing the stringent policies against crypto innovation, Wu’s point of view towards taking the bad actors out of the industry and healing the reputation of the industry. Before Wu exited Bitmain, the company was estimated to be worth $12 billion. Matrixport now supports purchasing the most popular crypto-assets like Bitcoin, ETH, BCH, XRP, and LTC.
As reported recently, We also pitched Singapore where his company Matrixport is based as a strong contender to serve as the perfect crypto hub for crypto innovation. Ex Bitmain CEO Jihan Wu, thinks that the current wave of regulatory interventions in the crypto space could be a good thing in the long term. Speaking to CNBC during an Asia Tech X Singapore conference, Wu noted that the sector already grew to a trillion-dollar market cap industry with more than 10% of the US citizens having some involvement with the new asset class.
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