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Crypto Platform Matrixport Becomes Unicorn With $1B Valuation

Matrixport, a cryptocurrency startup in Asia, closed its Series C funding round with a company valuation of more than $1 billion, the company announced on Monday (Aug. 2). The two-year-old company’s funding round was led by partners of DST Global, C Ventures and K3 Ventures, with other participants including Qiming Venture Partners, CE Innovation Capital, Tiger Global, Cachet Group, Palm Drive Capital, Foresight Ventures and A&T Capital, along with previous investors Lightspeed, Polychain, Dragonfly Capital, CMT Digital and IDG Capital. The Singapore-based financial services platform has raised $129 million up to now.

As PYMNTS reported previously, Matrixport in May aligned with global FinTech Circle to accommodate international bank wire transfers to Matrixport accounts with automatic settlement in USDC. Those funds could be used to trade and invest in cryptocurrencies. The bank allows investors to purchase cryptocurrencies, including bitcoin, Ethereum and Litecoin.

Read more: Matrixport Users Can Now Settle International Wire Transfers In USDC

According to PYMNTS, nearly one-quarter of current or previous cryptocurrency owners have used digital currency to buy groceries and retail items, as well as pay for online gaming or gambling-related purchases, pay for streaming services or access financial services.

Related news: PYMNTS Data Brief: Nearly One-Quarter Of Past, Current Crypto Owners Have Paid With It

In terms of cryptocurrency growth, Matrixport said it held more than $10 billion of client assets under management and custody and recorded $5 billion in monthly transactions across all product lines as of March. The company’s cryptocurrency financial services include institutional custody, trading, lending, structured products and asset management to banks, as well as retail customers.

A major driver in the company’s growth is its focus on technology capabilities and cutting-edge products, including a dual currency product.

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

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