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Matrixport, the crypto financial services platform that touts itself as a neo-bank, announced on Sunday evening the closure of a Series C fundraiser that brings the company $ 100 million at a pre-monetary valuation. over a billion dollars.
Launched in 2019 as a spin-off of Bitmain, Matrixport is a large crypto player in Asia with around $ 10 billion in assets under management (AuM). Its platform offers a wide range of services, including trading, lending and fixed income type products.
“We are not a stock exchange, we are not a wallet,” said John Yuesheng Ge, CEO of Matrixport, in an interview with The Block. “We are a crypto bank.”
As for the round, it was supported by partners from DST Global, C Ventures and CE Innovation Capital, according to a press release. Other investors include Tiger Global, Polychain, and Dragonfly.
Matrixport’s fundraising announcement follows similar increases from a long list of crypto firms including Fireblocks, Paxos, and the FTX crypto exchange. Matrixport has raised $ 129 million to date, according to a spokesperson.
Matrixport mobile app
Matrixport’s increase is significant given the company’s original base in Asia. China recently cracked down on bitcoin mining, triggering the exodus of several companies operating in the region. Matrixport, which previously targeted Chinese customers, is adjusting to the recent regulatory environment, moving away from the country and targeting customers from other Asian jurisdictions. The company is headquartered in Singapore.
Despite this decision, Ge said he was able to maintain his current AuM.
“We don’t want to break the rules, so for now we are focusing on other countries in Asia,” Ge said. The company is now targeting Europe and North America, pending the required regulatory approvals.
Ge said interest in the company has been bolstered by its yield offerings, which outperform the average bank. The company offers a way to invest in funds that generate returns above 4%. Funds placed in these funds are used for “cryptocurrency backed loans, leveraged trading (bullish or bearish), or other Matrixport platform lending activities,” according to one description. on its mobile application.
Matrixport was started by crypto mining legend Wu Jihan, former chairman and co-founder of Bitmain. In 2020, Bloomberg announced that it is looking to raise $ 40 million for a valuation of $ 300 million.
This post has been updated to clarity.
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