SG’s crypto startup Matrixport hits unicorn status after raising $100m

Photographer: Chris Ratcliffe/Bloomberg

Matrixport, the Singapore-headquartered crypto-finance venture founded by Bitmain Technologies Ltd’s billionaire chief Wu Jihan, becomes the latest startup to join the unicorn club after raising $100 million in a funding round that valued the company at over $1 billion.

In a statement, the startup said its Series C funding round was led by partners of DST Global, C Ventures, and K3 Ventures. It was also participated by Qiming Ventures Partners and existing backers, including IDG Capital and Dragonfly Capital.

The statement did not mention the amount raised in the latest funding round but CEO Ge Yuesheng told Bloomberg that Matrixport raised over $100 million, sending its total funds raised to date to over $129 million.

Founded in 2019, Matrixport offers cryptocurrency financial services including institutional custody, trading, lending, structured products, and asset management to institutional and retail clients.

The company said it held over $10 billion client assets under management and custody as of March 2021 and recorded $5 billion in monthly transactions across all product lines.

“We are more than a gateway to the crypto economy. Matrixport is where both institutional customers and individuals find it easy to get more from their crypto, beyond just trading,” Ge said.

With the fresh funding, Matrixport said it plans to further invest in research and development to enhance its innovative product offerings and security

Part of the funds will also be used to support its global expansion and to secure licenses to operate in more jurisdictions. The company holds licenses in Hong Kong and Switzerland with over 220 employees serving both institutions and retail customers across Asia and Europe.

Ge told Bloomberg that Matrixport is profitable although he did not disclose financial numbers. In 2019, the startup disclosed taking in $7 million to $8 million in revenue.

He also revealed plans for Matrixport to go public in three to five years to offer investors an exit.

In a post in publishing platform Medium, Ge said the startup is continually pushing out more new ways to invest in crypto and earn yields in a “safe and sustainable manner”.

“We believe that it is very important to give the choice back to our customers with a range of innovative crypto investment products,” he stressed.

Matrixport now joins a list of Singapore-based startups that have recently joined the region’s unicorn club. Among them are cross-border payments firm Nium, which raised over $200 million in a Series D funding last week, and AI company PatSnap, which raised $300 million in March.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.