It has been reported that with the participation of large venture capital firms, including Tiger Global, DST Global, C Ventures, and K3 Ventures, the Series C funding of Matrixport raised over $100 million. As a crypto-financial services company, Matrixport tries to implement a Wall Street-like structure to the vast cryptocurrency ecosystem.
However, according to Ge Yuesheng, the CEO of Matrixport and former Bitmain investor, the company is currently home to high net-worth individuals “who have a wide range of expectations of risk and return.”
The firm reported to hold over $10 billion of client assets as of March 2021, and it intends to go public “in three to five years” as an exit strategy for its investors. As reported earlier, Matrixport was founded by former Bitmain CEO Jihan Wu after governmental resistance against Bitmain’s initial public offering launch back in 2019.
Last year, the startup’s revenue peaked at $7 million–$8 million and had reportedly pitched to double the investor’s money by 2020 during its last investment cycle.
The report said that Wu’s point of view toward taking out “bad actors out of the industry” and healing the industry’s reputation. Before Wu’s exit from Bitmain, the company was estimated to be worth $12 billion in August 2019.
Thus, Matrixport currently supports the most popular cryptocurrencies, including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT) against fiat currency.