Asia’s leading crypto fintech startup, Matrixport acquires new fund to achieve unicorn status
Jihan Wu has received new capital to scale his latest venture, Matrixport, to a unicorn-level of $1 billion value following his exit from Bitmain.
- Matrixport raised $100 million in a new funding round which has now valued the company’s market capital over $1 billion
- The crypto financial service’s latest round was co-led by multiple partners with participation from existing backers
- The barely three-year-old startups have been able to raise a total of $129 million to date and holds over $10 billion in clients’ asset
Matrixport, one of Asia’s fastest-growing digital asset financial services announced that it closed a Series-C funding round with a current valuation surpassing $1 billion to achieve unicorn status.
According to sources, the barely three-year-old business was able to raise almost $100 million in its newest round, which was led by DST Global, C Venture, and K3 Venture, with participation from existing backers including IDG Capital and Dragonfly Capital.
Speaking about the company’s new feet, CEO of Matrixport, Ge Yuesheng stated that the startup is currently home to high net-worth individuals, adding that “they have made a wide range of expectations of risk and return.”
As it stands, the just-emerged unicorn manages over $10 billion in clients’ asset and boasts over $5 billion in monthly transactions across all its product portfolios.
Without filtering, Co-founder and chairman of Matrixport, Jihan Wu attributed the company’s success to an open and permissionless blockchain ecosystem which according to him, “is the bedrock of a new financial network that will benefit a large part of the world’s population.”
Jihan went on to say that “hundreds of trillions of value” are projected to be “created, stored, and transferred via the new financial network.”
Matrixport to invest in R&D to enhance its innovative product offering
Since it launched in the Asian market in 2019, Matrixport has pride itself as the “one-stop” financial service platform. While its rapid growth has been driven mostly by its robust technology capabilities, and innovative product offering, the startup is looking to further expand its offerings.
According to the company, in addition to supporting its global expansion, a portion of the cash raised in this round will be used for research and development (R&D), as well as to improve its product offering and user experience.
Overall, the latest funding round brings the total raised by the company since inception to approximately $129 million. More so, giving its newly-acquired status, Matrixport will be welcomed in the region’s unicorn group by the likes of Nium, a cross-boarder payment firm and, PatSnap, another AI company who also raised $300 million only last week.