Singapore crypto platform hits $1b valuation with Series C
Liquid.com, a Singapore-based cryptocurrency trading platform, has passed the $1 billion valuation mark with the first close of a Series C round led by IDG Capital.
Bitmain, a Chinese manufacturer of Bitcoin mining hardware backed by IDG and several other private equity investors, also participated in the funding round, according to a release. The size of the first close and the overall target for the Series C round have not been announced.
Liquid was launched in 2014 as Quoine and raised a $20 million Series A round in 2016 led by Jafco, followed by a $105 million initial coin offering (ICO) in 2017 that was said to be one of the largest blockchain ICOs globally. The company merged its trading platforms Quoinex and Qryptos last year and rebranded as Liquid.
Liquid provides a range of secure trading, exchange, and financial services, with offices in Japan, Singapore, and Vietnam. It claims to be the world’s largest cryptocurrency trading platform by transaction volume, with trading services for cryptocurrencies such as Bitcoin and Ethereum against major traditional currencies.
Proceeds from the Series C round will be used to improve the core product and launch new services.
IDG has made a number of investments in cryptocurrency trading platforms such as Singapore's KuCoin and US-based Coinbase and Ripple, along with other companies in the ecosystem such as Bitmain. The firm also recently participated in a private coin offering for Ground X, the blockchain subsidiary of South Korean messaging app Kakao, that reportedly raised $90 million.
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.