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Singapore Crypto Firm Aims to Triple Value to $300 Million

  • Wu Jihan’s Matrixport is said to eye $40 million in funding
  • Crypto firms are enjoying a bounce-back in Bitcoin this year
Wu Jihan

Wu Jihan

Photographer: Anthony Kwan/Bloomberg
Updated on

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.