Singapore Crypto Firm Aims to Triple Value to $300 Million

(Bloomberg) -- Matrixport, the crypto-finance venture founded by Bitmain Technologies Ltd.'s billionaire chief Wu Jihan, is seeking to raise $40 million in a funding round at a post-investment valuation of $300 million, according to people familiar with the matter.

Crypto startups are riding somewhat of a resurgence along with a modest recovery in Bitcoin prices. Matrixport pitched its latest round to investors in recent weeks, the people said, asking not to be named because the matter is private. The startup took in $7 million to $8 million in revenue for 2019 and expects that to more than double this year, according to a slide deck shared with investors and viewed by Bloomberg. The firm was valued at $114 million in a previous round, according to the deck.

Matrixport is one of a crop of fledgling firms trying to develop financial services for professional cryptocurrency traders and investors. The startup was spun off from Bitmain last year after the world's largest maker of Bitcoin mining rigs ran into a cash crunch. Wu and Bitmain itself are major shareholders in the new venture. A Matrixport spokeswoman said the firm is in touch with U.S.-dollar investors, without elaborating.

Matrixport Chief Executive Officer Ge Yuesheng declined to comment.

Launched in July, Singapore-based Matrixport aims to become a one-stop platform for over-the-counter trading, lending and custody for digital assets. It rivals the likes of BitGo Inc. and Genesis Global Trading Inc. in the U.S.

Read more: Bitmain Crypto-Billionaire Launches New Startup as Bitcoin Rises

To contact the reporter on this story: Zheping Huang in Hong Kong at zhuang245@bloomberg.net

To contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin Chan, Joanna Ossinger

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