BITMAIN CRYPTO SUBSIDIARY MATRIXPORT SEEKING TO RAISE $40M

Posted 04 March, 2020

MATRIXPORT AIMS TO TRIPLE VALUATION

 

According to sources claiming they are not named, Matrixport, a company specializing in encryption, is looking for $ 40 million. The startup made $ 7 million last year. Up to 8 million. And it expects to reach 2020 by 2020. By the end, this number will more than double. This information was provided on a slide sent to investors and seen by Bloomberg. According to the deck, in the final round of funding, Matrixport valued $ 114 million.

Singapore-based Bitmain-backed startup is looking to expand its cryptocurrency services to professional cryptocurrency investors and traders. The company was spun off from Bitmain in 2019, as the world's largest mining equipment manufacturer, Bitcoin, struggled with its finances in a bid to become public.

Matrixport offers cryptocurrency storages, trading, credit, payment products and services for institutional clients, including manufacturers of mining equipment, cryptocurrency lending platforms, mining pools, cryptocurrency exchanges and cryptocurrency funds. Its competitors are the American firms Genesis Global and BitGo. In addition to Bitmain, the company's strategic partners are BTC.com, Antpool, CoinEX, BITDEER and many others. Bitmain and its founder Wu Jihan are the main shareholders of the company.

Matrixport came out in July last year in Singapore and opened an office last November in Zug, Switzerland.

 

CRYPTO STARTUPS DON’T RELY ON ICOS ANYMORE

 

Cryptocurrency startups raise funds through coin initial offering (ICO), a form of co-financing. While the ICO has promised to be the future of fundraising, this approach has been exposed to risks of escalating fraud and scams that have led to its disappearance. Most ICO followers stopped updating their data at least last year.

As a result, most coin publishers renamed the co-financing process the Initial Stock Exchange Offer (IEO). In the latter case, the coin will be launched in cryptocurrency. But this method has also disappeared.

Today, cryptocurrency businesses like Matrixport are returning to the old way of attracting institutional and professional investors.

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