Matrixport – a startup launched by Bitmain Technologies co-founder Wu Jihan – is likely to go ahead by raising $40 million in a funding round to touch the figure of $300 million as told by Bloomberg.
Matrixport Is Expecting A Bright Future
According to a source, Matrixport – a crypto assets financial services startup – is likely to raise its value by $40 million. During the last year, the startup counted its revenue of about $7 to $8 million. This year, it is expecting to double this figure. It shared this target with the investors and this was acknowledged by Bloomberg. According to some information, in the previous funding round, Matrixport touched the figure of $114 million.
Back in 2019, Bitmain founded Matrixport as a new startup in Singapore. The new startup aims at specializing in crypto-financial services for professional crypto investors and traders. Prior to it, Bitmain was struggling hard to manage its financial relations.
Matrixport was established in July last year in Singapore and its first office is based in Zug, Switzerland.
It supports multidimensional services. These services include cryptocurrency custody, trade, loan, payment products and services to institutional clients. Moreover, it specializes in helping mining equipment manufacturers, crypto lending platforms, mining pools, crypto exchanges, and crypto funds. Its major competitors include American firms Genesis Global and BitGo. Although Bitmain and its co-founder Wu Jihan have a major part in this venture, BTC.com, Antpool, CoinEX, BITDEER are also counted as big partners in this venture.
Crypto Startups Shifting On Reliable Fundraising
Historically, Cryptocurrency startups preferred raising funds using the initial coin offerings (ICO) method. This was a type of crowdfunding method. However, later on, this method faced a rising number of scams and frauds which challenged its existence. Resultantly, most ICO trackers have avoided updating their data since last year.
Alternatively, most coin issuers shifted themselves to initial exchange offering (IEO) in which a crypto exchange manages the launch of the coin but this method has also lost its credibility.
Today, Learning from history, crypto startups like Matrixport are returning to the old method of pitching institutional and professional investors for support.