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Bitmain co-founder turns Crypto into Unicorn

The crypto-financial venture Matrixport, led by its billionaire founder Bitmain Technologies Ltd., Wu Jihan, has raised new funds from investors, including its business associates DST Global and Tiger Global, raising its valuation to $ 1 billion, just two years after its inception.

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The Series C funding cycle was led by its partners DST Global as well as from C Ventures and K3 Ventures with other participants, including Qiming Venture Partners and existing supporters such as IDG Capital and Dragonfly Capital, the company said in a statement on Monday. The newly formed Singapore-based company has raised more than $ 100 million, with a second installment coming, said the CEO Ge Yuesheng in an interview.

"Crypto Banking is still a fast growing field compared to wallets and exchanges", Said Ge. "Our customers are mainly individuals with high net worth in cryptocurrencies that have a wide range of risks and expectations".

Matrixport belongs to a group of start-ups that are trying to bring a well-known Wall Street formula to the world of cryptocurrencies. Offers financial services for cryptobodies from storage to transactions and structured products to institutional and retail customers. As of March this year, it held more than $ 10 billion in customer assets under management and custody, the company said.

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The company aims to be available to the general public in three to five years, to offer investors an outlet, Ge said Monday. It also aims to have hundreds of billions of dollars in assets under management and custody over five years.

Wu removed Matrixport from Bitmain in 2019, after being the largest mining manufacturer Bitcoin in the world faced a cash crisis. In January, he resigned as president and CEO of the company he founded seven years ago, ending a years-long power struggle with his co-founder. Micree Zhan. Wu now serves as president of Matrixport, with Ge, his former Bitmain ally, as CEO. The duo own most of the company, Ge said.

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The start-up received $ 7 million to $ 8 million in revenue in 2019 and is expected to more than double in 2020, he told investors when he raised funding last year. Ge said the company is profitable, without disclosing financial figures.

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