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Jihan Wu's Matrixport is raising $ 40 million with a post-capital valuation of $ 300 million

Jihan Wu's Matrixport is seeking to raise US $ 40 million with a post-capital valuation of US $ 300 million

Cryptocurrency services startup Matrixport co-founder of Bitmain Jihan Wu is looking to raise $ 40 million with a post-investment valuation of $ 300 million.

Follow report by Bloomberg on Wednesday, citing “someone close to the issue”. Matrixport has been touting to investors in recent weeks.

Publicly launched in July last year, Matrixport has been operating since February 2019, Daniel Yan – the company's COO, told The Block last month. The startup's business lines include cryptocurrency trading, lending, and depository – for all institutional and institutional clients.

Matrixport earned $ 7-8 million in revenue last year and is expecting this number to double this year, according to a slide deck viewed by Bloomberg. The startup was valued at $ 114 million in the previous round of funding.

In terms of assets under management, Matrixport has accumulated $ 500 million in cryptocurrency value in custody, as The Block reported last month. The company also created about US $ 100 million in lending and processed more than US $ 500 million in spot cryptocurrency transactions.

"Because of this relationship with Bitmain, it is very easy to get sales. We understand Bitmain's sales people really well and we are working together, "Yan told The Block at the time.

Matrixport's main customers are from miners. The platform operates an OTC trading desk to handle large transactions and provides various risk management solutions for miners through derivative contracts and structured products.

In terms of retail, Matrixport supports spot trading and provides dual currency contracts – payment by USDC stablecoin of Circlebase or Circle or Bitcoin. The platform also provides depository and lending services for retail users.

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According to The Block
Translated by ToiYeuBitcoin

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