Former Bitmain CEO Jihan Wu raises new funds for the new crypto unicorn

Jihan Wu has turn out to be a outstanding identify in the crypto world after co-founding Bitmain Technologies in 2013 and going public in 2018. His newest undertaking, Matrixport, has raised recent capital to realize it.

Matrixport has raised over $ 100 million in Series C funding, with the participation of main enterprise capital companies reminiscent of Tiger Global, DST Global, C Ventures and K3 Ventures. As a crypto monetary providers firm, Matrixport is dedicated to implementing a Wall Street-like construction for the huge crypto ecosystem.

According to Matrixport CEO and former Bitmain investor Ge Yuesheng, the firm is now house to rich private people “who have high expectations of risk and return”. The firm reportedly holds greater than $ 10 billion in consumer belongings as of March 2021 and plans to checklist shares “in three to five years” as an exit technique for its buyers.

As Cointelegraph beforehand reported, Matrixport was based by Wu after authorities opposition to Bitmain’s IPO in 2019. Last yr, the startup’s income peaked between $ 7 million and $ 8 million and is reported to have doubled investor cash in 2020 in its last funding cycle.

Related: Former Bitmain CEO Jihan Wu: Regulatory repression might be good for crypto

Citing strict insurance policies in opposition to crypto-innovation, Cointelegraph reported on Wu’s views on eradicating “bad guys from the industry” and therapeutic the business’s fame. Before Wu retired from Bitmain, the firm was valued at $ 12 billion in August 2019.

Matrixport at present helps the buy of the hottest cryptocurrencies, together with Bitcoin Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Tether (USDT) in opposition to Fiat.