post-title Bitmain Spin-Off Matrixport Seeks $300M Valuation in Latest Funding Round

Bitmain Spin-Off Matrixport Seeks $300M Valuation in Latest Funding Round

Bitmain Spin-Off Matrixport Seeks $300M Valuation in Latest Funding Round
Cryptocurrencies News ,

A cryptocurrency trading solutions provider spun off from Bitmain a year ago hopes to hit a $300 million valuation in its latest funding round.

Singapore-based Matrixport, founded by Bitmain CEO Jihan Wu last February, is looking to raise $40 million in a new raise, sources familiar with the matter told Bloomberg.

Should the round be successful, Matrixport’s post-money valuation would hit $300 million, nearly triple the $114 million the young company reached with its previous funding. Matrixport claims to have made revenue between $7 million and $8 million since beginning operations last July, according to a pitch deck seen by Bloomberg.

The company started actively pitching investors a few weeks ago.

Matrixport provides regulatory compliant crypto-related financial services to professional traders, including OTC trading and lending services, as well as a custody solution. Most recently in February, the company launched a product helping traders successfully identify and take advantage of market dips.

CoinDesk previously reported that many Matrixport staff came from Bitmain’s blockchain-development department, a division directly under Wu’s control. Although Matrixport was spun out last year, both Wu and Bitmain remain major shareholders.

Matrixport was among several Chinese cryptocurrency companies to make a strategic investment in Beijing-based media and data outlet Mars Finance last September.

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About Juan Rodulfo

Defined by Nature: Planet Earth Habitant, Human, Son of Eladio Rodulfo & Briceida Moya, Brother of Gabriela, Gustavo & Katiuska, Father of Gabriel & Sofia; Defined by the Society: Venezuelan Citizen (Human Rights Limited by default), Friend of many, Enemy of few, Neighbor, Student/Teacher/Student, Worker/Supervisor/Manager/Leader/Worker, Husband of Katty/ Ex-Husband of K/Husband of Yohana; Defined by the US Immigration System: Legal Alien; Defined by the Gig Economy: Independent Contractor Form 1099; Studies in classroom: Master Degree in Human Resources Management, English, Chinese Mandarin; Studies at the real world: Human Behavior; Studies at home: Webmaster SEO, Graphic Web Apps Design, Internet & Social Media Marketing, Video Production, You Tube Branding, Trading, Import-Exports, Affiliate Marketing, Cooking, Laundry, Home Cleaning; Work experience: Public-Private-Entrepreneur Sectors; Other Definitions: Bitcoin Evangelist, Human Rights Peace and Love Advocate. Author of: Why Maslow: How to use his theory to stay in Power Forever (EN/SP); Asylum Seekers (EN/SP); Manual for Gorillas: 9 Rules to be the “Fer-pect” Dictator (EN/SP); Why you must Play the Lottery (EN/SP); Para Español Oprima #2: Speaking Spanish in Times of Xenophobia (EN/SP). Social Media profiles: Twitter/FB/Instagram/VK/Linkedin/Sina Weibo: @rodulfox
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