Matrix port, the digital currency financial services startup co-founded by former Bitmain CEO Jihan Wu, has announced a $100 million Series C funding round. Matrixport’s worth has risen to more than $1 billion as a result of the funding.
Matrix port, a financial services startup specializing in cryptocurrency solutions, management, and custodial services, announced on Sunday that it has raised $100 million from a group of strategic investors. DST Global, C Ventures, and K3 Ventures led the $100 million Series C fundraising round.
A&T Capital, Foresight Ventures, Lightspeed, Polychain, Dragonfly Capital, CMT Digital, and IDG Capital are among the other investors. Matrix port, a Singapore-based start-up, intends to use the funds to continue expanding the business.
According to Matrixport, the startup has raised a total of $129 million to date, with the most recent funding transforming the company into a crypto unicorn. Matrix port, according to the corporation, has $10 billion in assets under management (AUM), and its services handle $5 billion in worldwide trade activity per month.
In a statement, the company’s co-founder Jihan Wu stated, “I always believe an open and permissionless blockchain ecosystem is the core of a new financial network that will benefit a huge part of the world’s population.” Wu of Matrixport proceeded. Financing will be used to expand globally and secure licenses to operate in new jurisdictions.
The funding will be used for research and development (R&D), product offers, security advancements, and user experience optimization, in addition to global expansion. Matrix port highlights that the cash will be used to promote its global expansion as well as to get licenses to operate in more jurisdictions.
Matrix port, according to Adrian Cheng, founder of C Ventures and CEO of New World Group, will help to accelerate the adoption of blockchain technology and cryptocurrency solutions.
“New paths are needed to capture yield, source liquidity, and manage crypto assets as an emergent asset class as blockchain-based digital assets achieve greater usage and acceptance,” Cheng added.
Matrix port is ideally positioned to respond to the expanding demand for this new field of investment, driven particularly by younger generations, with deep knowledge of traditional finance and a great grasp of crypto assets,” the New World Group CEO said.
What are your thoughts on Matrixport’s proposal to raise $100 million from strategic investors? In the comments section below, let us know what you think about this topic.
Also read: Kenyan insurance executive calls bitcoin a “Ponzi scheme”
