Bitmain Spin-Off Matrixport Seeks $300M Valuation in Latest Funding Round

A cryptocurrency trading solutions provider spun off from Bitmain a year ago hopes to hit a $300 million valuation in its latest funding round.

Singapore-based Matrixport, founded by Bitmain CEO Jihan Wu last February, is looking to raise $40 million in a new raise, sources familiar with the matter told Bloomberg.

Should the round be successful, Matrixport’s post-money valuation would hit $300 million, nearly triple the $114 million the young company reached with its previous funding. Matrixport claims to have made revenue between $7 million and $8 million since beginning operations last July, according to a pitch deck seen by Bloomberg.

The company started actively pitching investors a few weeks ago.

Matrixport provides regulatory compliant crypto-related financial services to professional traders, including OTC trading and lending services, as well as a custody solution. Most recently in February, the company launched a product helping traders successfully identify and take advantage of market dips.

CoinDesk previously reported that many Matrixport staff came from Bitmain’s blockchain-development department, a division directly under Wu’s control. Although Matrixport was spun out last year, both Wu and Bitmain remain major shareholders.

Matrixport was among several Chinese cryptocurrency companies to make a strategic investment in Beijing-based media and data outlet Mars Finance last September.