Jihan Wu’s crypto financial services startup, Matrixport, is reportedly looking to raise $ 40 million with a post-investment valuation of $ 300 million, a source close to Bloomberg said yesterday.
Fonder Matrixport Jihan Wu. Image via Bloomberg
Launched publicly in July last year, Matrixport has been in operation since February 2019. The startup’s businesses include cryptocurrency trading, lending, and depository – both for retail and institutional customers.
The startup recorded about $ 7-8 million in revenue last year and predicts that number will more than double by the end of 2020. According to the source, Matrixport saw a valuation of $ 114 million in the previous funding round.
In terms of assets under management, Matrixport has amassed more than $ 500 million in cryptocurrency deposits. It has also generated about $ 100 million in outstanding loans and has processed over $ 500 million in spot cryptocurrency transactions.
Singapore-based startup backed by Bitmain is attempting to expand its cryptocurrency financial services to professional crypto investors and traders. The company was separated from Bitmain in 2019 as the world’s largest Bitcoin mining equipment manufacturer is struggling with financial problems.
Matrixport’s customer base comes mainly from miners. The platform operates an OTC trading desk to handle large transactions and provide various risk management solutions for operators through derivative contracts and structured products.
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