Singapore crypto start-up firm Matrixport has revealed plans to raise over $100 million at a funding round post-investment valuation worth $300 million. Before Matrixport funding round valuation, the start-up makes over $7 million yearly as it looks to double that figure this year.
Reportedly, cryptocurrency firms are planning a resurgence to improve the value of Bitcoin. After Matrixport funding round, the start-up alongside some other firms aims to provide financial services to crypto traders and investors. Matrixport evolved from Bitman in 2019 after the latter began running out of liquid funds. Wu Jihan, the founder of Bitman and the firm, are major stakeholders in the Matrixport.
Matrixport launched in July to become a platform where over the counter trading, lending and keeping of Cryptos could take place rivaling firms like BitGo inc, Genesis Global Trading inc, etc. that provide similar services.
Matrixport funding round, Jihan’s plans for the firm
Jihan, who happens to be the CEO of one of the largest BTC mining farms, Bitmain, launched Matrixport in 2019. Outside crypto lending, trading, and saving services the firm provides, Jihan revealed the firm would leverage on Bitmain’s influence to meet the needs of crypto miners in China.
Later on, the firm revealed plans to expand and break into European markets. The firm aims to begin operating in Zurich, Switzerland. However, the Switzerland office will be more than referring to Asian clients but also serve European clients in all ways, according to the firms Europe CEO, Hui Wang.
Other recent investment in crypto firms
Outside, Matrixport funding round, investors continue to pour money in cryptocurrency as space has seen more investments in recent times.
Copper, a London based digital asset firm in Series-A funding, made over $7 million as firms like MMC ventures, LocalGlobe invested in the crypto firm. BC group, the operators of OSL, another Asia’s most popular crypto firm, had Fidelity international by its shares worth over 15 million with owing around 5.6 percent of the forms yearly profit.
Currencycloud, in January, also made not lesser than $79 million in funding from the SBI Group, Visa, and some other firms.
Featured Image by Pixabay