Former Bitmain Co-Founder’s Venture Now Valued Over $1 Billion
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Jihan Wu, the former co-founder of Bitmain Technologies, has raised fresh capital for his latest venture Matrixport, which exceeded $1 billion in valuation within a couple of years.
The Series C funding round, participated by major VCs such as Tiger Global, DST Global, C Ventures and K3 Ventures, has raised over $100 million.
Crypto banking is still a fast-growing niche when compared to wallets and exchanges. Our clients are mainly high net-worth individuals in crypto who have a wide range of expectations of risk and return.
Ge Yuesheng, CEO of Matrixport
Ge added that Matrixport is expected to go public in three to five years as an exit strategy for its investors. As of March 2021, the company reportedly holds more than $10 billion worth of client assets.
Wu founded Matrixport after the government showed resistance against Bitmain’s IPO launch in 2019. In 2020, Matrixport’s revenue peaked at $7 to $8 million and had allegedly pitched to double the investor’s money by 2020 during the last investment cycle.
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