Asian digital assets financial services platform Matrixport has announced the closure of its Series C funding round with a valuation of over $1 billion. According to a press release published on 2 August, the valuation comes just two years after the company was established by Jihan Wu, the co-founder of Chinese mining hardware manufacturer Bitmain.
The Series C funding round was led by partners of DST Global, C Ventures, and K3 Ventures, and included participation from Tiger Global, A&T Capital, and others. Previous investors, including Polychain, Lightspeed, Dragonfly Capital, CMT Digital, and IDG Capital, also participated in the round.
Ge Yuesheng, the CEO of Matrixport, said the company raised over $100 million in the round, bringing the total amount raised to $129 million. As of March 2021, the company held over $10 billion of client assets under management and custody, recording $5 billion in monthly transactions across all product lines. Ge said the company plans to go public in three to five years to offer investors an exit. It also aims to have hundreds of billions of dollars in assets under management and custody within the next five years.
“Crypto banking is still a fast-growing niche when compared to wallets and exchanges,” Ge said in an interview with Forbes. “Our clients are mainly high net-worth individuals in crypto who have a wide range of expectations of risk and return.”
The funding will be used to further invest in research and development to enhance Matrixport’s product offering. A portion of the funds will also be used to improve security and user experience, as well as secure licenses in more jurisdictions to support its global expansion.