Singapore crypto exchange AscendEX raises $50m
Singapore crypto platform AscendEX has raised a $50 million Series B led by US-based sector specialists Polychain Capital and Hack VC.
Several global financial technology and crypto-focused firms joined the round, including Jump Capital, Alameda Research, Eterna Capital, Acheron Trading, Nothing Research, and Imperii Partners. They were joined by software investors Palm Drive Capital and Uncorrelated Ventures.
AscendEX offers exchange, custody, and staking services to more than one million retail and institutional clients globally. It is also an infrastructure partner to blockchain companies, especially in the decentralized finance (defi) sector, where it provides support services for more than 60 token projects.
The company was founded in 2018 as BitMax – not to be confused with Hong Kong-based crypto exchange BitMex – and claims a strong background in traditional quant trading. As such, it positions itself as being at the nexus of centralized and decentralized finance, with products that allow users to use staked assets as collateral for margin trading and futures trading.
Staking in crypto finance is the practice of locking up tokens for a period of time as a way of supporting a blockchain network. Owners of staked assets typically receive rewards for supporting the network in the form of additional tokens. AscendEX’s staking service expands on this model with additional income opportunities.
“AscendEX plans to use the Series B funds to accelerate international market entry, and catalyze further product innovation, specifically focused on blockchain-based yield generating protocols,” Shane Molidor, global head of business development at AscendEX, said in a statement.
“Building a bridge to the defi ecosystem has allowed AscendEX to differentiate itself from other cryptocurrency exchanges and has made the platform a popular destination for innovative defi projects to conduct initial exchange offerings.”
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