thecoinrise.com
MaiCoin, Taiwan’s largest cryptocurrency trading platform is reportedly raising funds in a Series C round as it pushes to raise its valuation to $400 million. As reported by Bloomberg citing people familiar with the matter, the funding from MaiCoin is a sequel to the Taiwanese exchange’s plans to go public on the NASDAQ Global Select Market in the next 2 years.
MaiCoin has carved a niche for itself as Taiwan’s goto trading outfit for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) amongst others. Besides facilitating a brokerage service, MaiCoin also offers traders the ability to earn a yield on their ETH and USDC deposits. The trading platform’s parent company also runs the MaiCapital, a Hong Kong-regulated, SFC-licensed cryptocurrency investment vehicle run by talents from Qualcomm and Rothschild Asset Management.
Per the report, the funding raised through its Series C round will be deployed into its planned global expansion, beginning in Southeast Asia. With its outlined plans, MaiCoin looks to record a revenue growth rate of about 75% on an annualized basis through 2025. At the moment, MaiCoin’s product offering is largely localized, and as much as 80% of its revenue comes from Taiwan.
Taiwan’s MaiCoin Looks to Trail United States’ Coinbase
The public debut ambitions of the Taiwan trading giant are patterned after that of Coinbase Global Inc which debuted on the NASDAQ last year April, as well as US Bitcoin miner Stronghold which filed for IPO last October. The success stories of the Coinbase market listing have reverberated across the digital currency ecosystem, and an aftereffect appears to be MaiCoin’s current drive.
With not many details shared by the Taiwanese side, MaiCoin is poised to build out its growth tracks in order to create a more sturdy base for its operations ahead of the proposed public listing.
The drive for expansion has oftentimes inherently defined most trading platforms, irrespective of their base of operation. From Coinbase to FTX Derivatives Exchange and Crypto.com, expansion drives come in different ways with many of these platforms investing heavy cash in crypto-focused advertisement like the Fortune Favors the Bold ad from Crypto.com.