cryptovibes.com
Matrixport, a Singaporean cryptocurrency-focused financial service company, has successfully achieved unicorn status after raising $100 million in a Series C funding round.
The Singapore-based firm has reportedly accomplished the impressive milestone barely two and half years since its inception in February 2019 by Bitmain co-founder Billionaire Jihan Wu.
In an August 2 announcement, Matrixport firm confirmed that it has successfully secured a fresh capital injection amounting to $100 million through a funding initiative led by notable investors like DST Global, Tiger Global Ventures, Qiming Venture Partners, IDG Capital, and Dragonfly Capital.
While commenting about the funding, Matrixport CEO Ge Yuesheng said that the firm secured another $100 million in a funding round, which ramps up its preliminary valuation to $1 billion since its inception. He stated:
“Crypto banking is still a fast-growing niche when compared to wallets and exchanges. Our clients are mainly high net worth individuals in crypto who have a wide range of expectations of risk and return.”
The Matrixport firm features fledging group startups trying to bring a renowned Wall Street formula to the crypto space. The company offers crypto financial services ranging from custody to trading and structured products to institutional and retail customers. The firm held over $10 billion in client’s assets under management (AUM) and custody as of March 2021.
In the same context, Mr. Yuesheng also revealed that the company plans to go public within three to five years before it offers investors an exit. Also, the company has ready plans to maximize up to a hundred billion dollars in assets under management and custody within the next five years.
Matrixport crypto service firm is currently under the leadership of Billionaire Wu Jihan, who serves as the company’s Chairman, and Mr.Ge as the chief executive officer.
The Matrixport leadership came to be after Mr.Wu publicly announced that he is stepping down from his previous embattled Bitcoin mining giant rig (Bitmain Technologies) which he founded seven years ago with Micree Zhan. In February 2019, Mr.Wu established Martrixport firm and appointed Mr.Ge, a former employee at Bitmain as the new CEO.
Interestingly, in late 2019, the startup reported $7 million to $8 million in revenues for 2019 and expected more than double in 2021. Mr. Ge told investors that the firm was indeed profitable during the Series B funding opening, without disclosing the total financial figures.
In a related report, crypto exchange FTX recently closed a $900 million funding round, which is the biggest fundraising round for any company within the crypto industry so far.