Jihan Wu’s Bitmain exit strategy included the creation of Matrixport, which today has a market capitalization of more than $1 billion after only two years in the business world.
With the launch of Bitmain Technologies in 2013 and the subsequent public offering, Jihan Wu established himself as a household brand within the cryptocurrency industry. His most recent startup, Matrixport, has secured new financing and is now valued at $1 billion, making it a unicorn in the tech industry.
Matrixport raised more than $100 million in Series C funding, which included participation from significant venture capital firms such as Tiger Global, DST Global, C Ventures, and K3 Ventures. It is the goal of Matrixport to bring a Wall Street-like structure into the enormous cryptocurrency ecosystem in its capacity as a crypto-financial services provider.
Currently, according to Ge Yuesheng, the CEO of Matrixport and a former Bitmain investor, the company is home to high net-worth individuals “who have a wide range of expectations of risk and return.”
The company reported to hold over $10 billion in client assets as of March 2021, and it intends to go public “in three to five years” as an exit strategy for its investors.
Following government opposition to Bitmain’s initial public offering (IPO) launch in 2019, Wu created Matrixport, as previously reported by Cointelegraph. After reaching a high revenue of $7 to $8 million in the previous year, the business was said to have proposed to investors that it would be doubling their money by 2020 during its last financing cycle.
Cointelegraph had previously covered Wu’s point of view on removing “bad actors” from the cryptocurrency business and restoring the industry’s reputation, citing the strict restrictions that have been placed in place to discourage innovation in the crypto space.
As of August 2019, Bitmain was valued at $12 billion according to estimates based on Wu’s departure.
As of now, Matrixport allows users to purchase the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and Tether (USDT), in exchange for traditional fiat cash.