Asia digital assets platform Matrixport hits $1b valuation
Matrixport, a two-year-old crypto financial services platform based in Singapore, has closed a $100 million Series C round at a valuation of $1 billion.
C Ventures, K3 Ventures, and partners at DST Global led the round. They were joined by Qiming Venture Partners, CE Innovation Capital, Tiger Global Management, Cachet Group, Palm Drive Capital, Foresight Ventures, IDG Capital, and Lightspeed Venture Partners.
Crypto specialists Polychain Capital, Dragonfly Capital, A&T Capital, and CMT Digital also took part. Total funding to date comes to $129 million.
Matrixport offers a suite of cryptocurrency financial services, including institutional custody, trading, lending, structured products and asset management to institutional and retail clients. As of March, it held over $10 billion of client assets under management and custody and recorded $5 billion in monthly transactions across all product lines.
“I always believe an open and permissionless blockchain ecosystem is the bedrock of a new financial network that will benefit a large part of the world’s population,” Jihan Wu, co-founder and chairman of Matrixport, said in a statement. “As a result, there will be hundreds of trillions of value created, stored and transferred on this new financial network.”
Matrixport plans to use the new funding to invest in R&D to enhance its product offering in terms of security and user experience. The capital will also support a global expansion through the securing of licenses to operate in new jurisdictions. The company currently holds licenses in Hong Kong and Switzerland, serving a predominantly Asian and European customer base.
“As blockchain based digital assets gain wider adoption and acceptance, new pathways are needed to capture yield, source liquidity and mange crypto assets as an emerging asset class,” Adrian Cheng, founder of C Ventures, added.
“With deep knowledge of traditional finance and a keen understanding of crypto assets, Matrixport is well positioned to answer the increasing demand for this new area of investment, driven primarily by younger generations.”
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