Matrixport Joins Growing List of Crypto Unicorns After $100M Investment

Targeting new cryptocurrency products and global expansion, Matrixport secures $100 million in a Series C round of financing.

2 min read

Aug 2, 2021

Matrixport, the digital assets financial services platform co-founded by former CEO of Bitmain Jihan Wu, has raised $100 million in a Series C funding round, bringing its valuation to over $1 billion.

In securing a valuation of over $1 billion, the firm joins the growing list of crypto unicorns, with recent additions including the likes of FTX, Fireblocks, Paxos, Amber Group, and Ledger.

The fundraise was led by partners of DST Global, C Ventures, and K3 Ventures, with other participants including both new and existing investors, such as Tiger Capital, Lightspeed, Polychain, and Dragonfly Capital. To date, the company has raised $129 million.

Matrixport, which aims to be a “one-stop financial services platform,” plans to use the fresh capital to further invest in research and development of new products. The money will be also spent on the firm’s geographical expansion as it seeks to secure licenses to operate in more countries across the globe.

Matrixport was established in 2019 as a spin-off of Bitmain Technologies, the world’s largest manufacturer of Bitcoin mining equipment, where Jihan Wu was the co-founder and CEO.

According to the firm, as of March this year it held more than $10 billion in assets under management and custody, and recorded $5 billion in monthly transactions across all product lines.

In addition to Singapore, the firm currently holds licenses in Hong Kong and Switzerland.

In an interview with Bloomberg, Matrixport CEO Ge Yuesheng said that within the next three to five years the company aims to go public.

By 2026, it also targets “hundreds of billions of dollars” held in clients' assets under management and custody.

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