Matrixport, a Singapore-based digital asset financial services platform, today announced the completion of a series-C funding round, bringing the company’s valuation to more than US$1 billion.
- The funding round was led by partners of DST Global, C Ventures and K3 Ventures, with other investors including Qiming Venture Partners, CE Innovation Capital and Tiger Global. The start-up — founded by Jihan Wu, who also co-founded Bitmain, one of the world’s biggest manufacturers of cryptocurrency mining machines — has raised US$129 million to date, according to a company statement.
- Founded in 2019, Matrixport offers a range cryptocurrency financial services including institutional custody, trading, lending, structured products and asset management to institutional and retail clients. The company has more than US$10 billion of client assets under management and custody, and US$5 billion in monthly transactions across all product lines. The platform offers high yields of up to 30% APY on its fixed-income product, a type of product offered by firms including BlockFi and Coinbase that has sparked questions over how its large returns are generated.
- Matrixport intends to deploy the fresh capital to enhance its product offerings, support its global expansion, and apply for licenses to operate in more jurisdictions.
- “As blockchain-based digital assets gain wider adoption and acceptance, new pathways are needed to capture yield, source liquidity and manage crypto assets as an emerging asset class,” said Adrian Cheng, founder of Hong Kong-based venture capital firm C Ventures and CEO of New World Group. “With deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to answer the increasing demand for this new area of investment, driven primarily by the younger generations.”
- Despite crypto markets having retreated from highs seen earlier this year, venture capital investment into crypto continues to gain ground, spawning new crypto unicorns. Last month, FTX, a Hong Kong-based crypto derivatives exchange, closed a record US$900 million series-B with an US$18 billion valuation.