Crypto-finance venture Matrixport is seeking to raise $40 million in a fresh funding round, putting the valuation of the company at $300 million.
Reported by Bloomberg on Wednesday, the Singapore-based crypto startup is already approaching investors with its investment pitch, but the company has not publicly announced the prospect.
Matrixport was founded by Jihan Wu, the billionaire founder of Bitmain Technologies. It offers an array of financial services to digital asset traders and investors. It is aiming to tap into the demanding market of over-the-counter trading, lending, and custody for digital assets.
Though tied with Bitmain initially, the startup spun off to go independent last year as the crypto hardware manufacturer went into a cash crunch. Wu and Bitmain are both major shareholders in the crypto-finance startup.
Currently, Matrixport is valued at $114 million, meaning the new valuation will almost triple the figure. Per the pitch deck of the startup seen by Bloomberg, the startup generated revenue between $7 million to $8 million and is optimistic that the figure will be doubled this year.
The report also pointed out that the startup is approaching investors when the crypto market is rebounding from the long-reigning bear market and which is making investors optimistic again.
Meanwhile, Bitmain is suffering from management chaos while its making attempts to list its stocks publicly. In January, Wu stepped down from the position of Bitmain’s legal representative. In his reign as Bitmain’s CEO, he also ousted Micree Ketuan Zhan, the co-founder of the company, from the position of executive director, to concentrate control of the company.
The Chinese giant, however, is still dominating the crypto mining hardware market and is constantly pumping new devices into the market.