Crypto financial services platform Matrixport closes $100M Series C

The cryptocurrency fiscal services level has astir $10 cardinal successful assets nether management

Matrixport, a institution led by Bitmain’s founder, yesterday announced that it had concluded a Series C backing circular that sent its valuation to much than $1 billion. Reports surfacing contiguous said that the circular was led by K3 Ventures, DST Global and C Ventures. Other partners progressive successful the circular included Palm Drive Capital, Cachet Group, Tiger Global, A&T Capital and CE Innovation Capital.

The firm’s CEO Ge Yuesheng confirmed that the circular had raised much than $100 million. He besides explained that the steadfast intended to connection banking services for crypto alternatively than providing wallet services and acting arsenic an speech for users.

“We are not an exchange; we are not a wallet. We are a crypto bank,” helium said.

Yuesheng further averred that the institution present plans to spell nationalist wrong the adjacent 5 years successful the anticipation that it volition person secured hundreds of billions of dollars successful assets nether management.

“Crypto banking is inactive a fast-growing niche erstwhile compared to wallets and exchanges. Our clients are chiefly precocious net-worth individuals successful crypto who person a wide scope of expectations of hazard and return.”

Matrixport has been astir since 2019, having been created by Bitmain’s founder. Since its establishment, the crypto fiscal services level has raised $129 million. It has besides achieved unicorn status, making it the 2nd setup successful crypto for proprietor Yuesheng Ge to bash so. The latest backing round, arsenic described by the company, is intended for concern successful probe activities, scaling up information and besides enhancing idiosyncratic experience.

The steadfast has grown to awesome heights successful the past 2 years arsenic it present has $10 cardinal worthy of assets nether management. The institution said it plans to summation its footing successful the planetary crypto assemblage utilizing the backing that it gained from this round. Matrixport provides a assortment of crypto services for its customers, mostly facilitating custody of crypto, trading of the currency and besides the absorption of assets for organization clients.

The companies partnering with Matrixport lauded it for its operation successful the crypto concern and were blessed astir the curation that its level offered.

“Matrixport has demonstrated tremendous thought enactment arsenic a integer assets fiscal services level by being archetypal movers successful delivering a well-curated suite of innovative crypto concern offerings,” MX Kuok, from K3 Ventures, noted.

The integer assets fiscal services steadfast adds to the respective crypto companies that person raised funds successful caller months. It besides shows the expanding impulse by ventures to put successful cryptocurrencies contempt the slump witnessed earlier successful the crypto market.