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Matrixport Hits Unicorn Status After $100 Million Series C | CoinCodex

source-logo  coincodex.com 03 August 2021 07:22, UTC

Key highlights:

  • Crypto banking services firm Matrixport is valued at over $1 billion after securing a $100 million Series C round
  • Matrixport plans to use the funds to bolster its R&D, security and user experience
  • The company sees itself going public within three to five years

Jihan Wu's Matrixport hits $1 billion valuation thanks to $100 million Series C

Jihan Wu is best known in the cryptocurrency world as the co-founder of Bitmain, the largest cryptocurrency mining hardware firm in the world. Now, he has also found success with his second startup called Matrixport, which has achieved a $1 billion valuation in a $100 million Series C investment round. The round was led by DST Global, C ventures and K3 Ventures. 

The Singapore-based Matrixport, which describes itself as a crypto bank, provides cryptocurrency trading and investment services like lending and savings products for crypto assets such as Bitcoin and Ethereum. According to the firm, it currently manages around $10 billion worth of assets on behalf of its clients.

In an interview with Fortune, Matrixport CEO Ge Yuesheng said that high-net-worth individuals represent an important part of the company’s client base, and that crypto banking firms are growing at a faster clip than other types of crypto businesses such as wallets and exchanges. Ge also said that Matrixport sees itself going public within three to five years, which will give investors an opportunity to exit. 

Matrixport says that it plans to leverage the fresh $100 million in funding to boost its research and development and create new products. The company also plans to further enhance its security measures and work on improving their user experience. 

Jihan Wu, who serves as Matrixport’s chairman, outlined his views on where blockchain technology is heading:

“I always believe an open and permissionless blockchain ecosystem is the bedrock of a new financial network that will benefit a large part of the world’s population. As a result, there will be hundreds of trillions of value created, stored and transferred on this new financial network.”

With the latest funding round, Matrixport has joined the growing list of unicorns in the cryptocurrency industry. Some examples of other crypto companies that have recently reached a valuation of $1 billion and above are OpenSea, Fireblocks, Amber Group and Dapper Labs.

coincodex.com