Part of Juhan Wu’s exit strategy, Matrixport, grew in just two years and is now worth more than $1 billion. Founding Bitmain Technologies in 2013 was one of the reasons Jihuan Wu became a prominent figure in crypto and taking it public in 2018 got him and his project more acclaim.
Matrixport, his latest venture, now stands at a unicorn-level of $1 billion valuation after raising new capital. Tiger Global, DST Global, C Ventures and K3 Ventures were among the large venture capitals participating in Series C funding of Matrixport; the funding series managed to raise over $100 million for the project. Matrixport is in itself a crypto-financial services company leaning towards the implementation of a Wall Street-like protocol to the larger cryptocurrency ecosystem.
Former Bitmain investor and current Matrixport CEO, Ge Yuesheng, claims that the firm is the abode for high net-worth who have vast expectations of risk and return. As of March 2021, the firm reported to hold more than $10 billion in client assets, and it has plans to go public in three to five years, as part of their investors’ exit strategy.
Wu founded Matrixport after a back and forth with the government since the HKEx was against Bitmain’s initial public offering launch in 2019. As of 2020 the startup’s revenue peaked at around $7 million -$8 million and was on track to double the investor’s money as they had pitched during the last investment cycle.
There are strict regulations faced by crypto innovations and Wu is seen as the one individual focusing on ridding the industry of bad actors and is on track to restore the ecosystem’s reputation. Prior to exiting Bitmain, as of August 2019, Wu had steered the firm to success, with its net-worth rising to $12 billion.
At his new venture, Matrixport, users can get the most popular cryptocurrencies against fiat currency including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and Tether (USDT). Matrixport is on track to bring the familiar Wall Street formula to the crypto world by ensuring crypto enthusiasts have access to a wide array of crypto financial services like trading, custody of digital assets, structured products to both retail and institutional customers.
Image courtesy of pixabay
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