{"id":6989,"date":"2021-08-02T10:37:29","date_gmt":"2021-08-02T09:37:29","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=6989"},"modified":"2021-08-02T10:37:38","modified_gmt":"2021-08-02T09:37:38","slug":"ex-bitmain-chief-raise-funds-for-new-crypto-unicorn","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ex-bitmain-chief-raise-funds-for-new-crypto-unicorn\/","title":{"rendered":"Ex Bitmain chief raise funds for new crypto unicorn"},"content":{"rendered":"\n
Jihan Wu's Bitmain<\/a> 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.<\/h5>\n\n\n\n
\"Ex<\/figure>\n\n\n\n

With the launch of Bitmain Technologies\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.” <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Cointelegraph had previously covered Wu's point of view on removing “bad actors” from the cryptocurrency <\/a>business and restoring the industry's reputation, citing the strict restrictions that have been placed in place to discourage innovation in the crypto space. <\/p>\n\n\n\n

As of August 2019, Bitmain was valued at $12 billion according to estimates based on Wu's departure.<\/p>\n\n\n\n

As of now, Matrixport allows users to purchase the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum<\/a> (ETH), XRP, Bitcoin Cash (BCH), Litecoin<\/a> (LTC), and Tether<\/a> (USDT), in exchange for traditional fiat cash.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":13,"featured_media":6995,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,21],"tags":[1518,1892,128,163,1103],"class_list":["post-6989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","category-news","tag-bitcoin-cash","tag-bitmain","tag-ethereum","tag-litecoin","tag-tether"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-10.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=6989"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/6989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6995"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=6989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=6989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=6989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}