Singapore’s crypto services unicorn Matrixport closes c-round fundraise
A Singapore-based digital asset financial services platform Matrixport has announced the completion of its Series-C funding round, thus bringing the company to more than $1 billion in value.
DST Global, C Ventures, and K3 Ventures, along with other investors including Qiming Venture Partners, CE Innovation Capital, and Tiger Global, together led the funding round.
Jihan Wu the founder of the startup & co-founder of Bitmain, one of the world’s largest cryptocurrency mining machines provider, in a subsequent statement the company said that the startup has raised $129 million so far.
The startup Matrixport was Founded in 2019 currently, it offers a wide range of cryptocurrency-related financial services, that includes institutional custody, trading, lending, structured products, and asset management for institutional and retail clients. Currently, the company operates over $10 billion in client assets in management and custody and has $5 billion in monthly transactions across all production lines.
The platform even offers high returns of up to 30% APY on its fixed income product, these are similar to the type of product offered by companies like BlockFi and Coinbase, which raises questions about how its large revenue can be earned.
Matrixport’s main aim is to mobilize new capital to increase its product offerings, support global expansion and apply for licenses so it can operate within higher jurisdictions.
As digital assets that are based on blockchain are gaining significantly more and more acceptance see this the founder of Hong Kong-based venture capital firm C Ventures and CEO of New World Group, Adrian Cheng said, with the growing assets demand there is also a need to find new ways of capturing new resources, liquidity and crypto-assets.
He further added that
“With a deep knowledge of traditional economics and a keen understanding of cryptocurrencies, Matrixport is well suited to meet the growing demand for this new investment space, which is also primarily driven by the younger generation.”
Although the crypto markets withdrew from highs that they saw earlier this year, still on the other hand venture Capital Investment continues to create new crypto unicorns in crypto. Last month, the Hong Kong-based cryptocurrency exchange FTX closed with $18 billion in valuation with having $900 million in series-B events.
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