Bitmain spin-off Matrixport records $10 billion in AUC

TL;DR Breakdown

• The value of assets under custody in Bitmain’s spin-off, Matrixport, has reached $10 billion.
• This makes the neobank the largest crypto-financial company in Asia.

Matrixport, the leading crypto neobank in Singapore, announced it has surpassed $10 billion in digital assets under custody (AUC), becoming the largest crypto-related financial company across Asia. The development today coincides with the growing interest and price of digital currencies over the past months.

Matrixport locks in $10 billion in digital assets

The crypto neobank was established about two years ago as a joint initiative that included Bitmain co-founder, Jihan Wu. Since its inception, the valuation of Matrixport assets under custody skyrocketed and have crossed $10 billion. Breaking this down, the company noted that $2 billion in assets are currently held on its platform, while the rest of the assets are locked on Cactus Custody, which is their institutional-grade custody brand.

Based on the record today, the company is rated the largest cryptocurrency financial platform in Asia. Matrixport provides institutions and retail investors with cryptocurrency custody, asset management, lending, spot, and leveraged trading services.

Last year, the company set off to launch a crypto derivative exchange dubbed “Bit.com,” just when the derivative market was expected to gain more traction than spot exchanges. The exchange allowed crypto futures and options trading and aimed at surpassing the likes of the market leaders such as Deribit, BitMEX, including Binance.

Bit.com recently recorded over $14 billion in trading volume, according to the report today.

The Asian market is thriving

The Asian crypto market has seen a huge level of growth lately, so much that many companies are looking to expand to the market. This includes the US-based crypto exchange, Gemini. Recently, the blockchain company behind XRP, Ripple, acquired a 40 percent stake in Tranglo, a leading Asian cross-border payment company.