- Former Bitmain CEO Jihan Wu is the main shareholder of a new crypto startup in Singapore.
- Matrixport will compete with global exchanges, offering professional and institutional services to investors.
Former Bitmain CEO and bitcoin billionaire Cihan Wu is officially associated with the launch of Matrixport, a new crypto startup that will offer over-the-counter (OTC) trading in Asia.
Jihan Wu Matrixport main shareholder
Platform , which was rumored in a series of updates last month, is supported by Wu and a group of former Bitmain employees. Taking into account early reports about Matrix, anonymous sources argued that the exchange would work closely with the huge Bitmain mining cluster, which leads to suggestions that Wu left his former company on friendly terms.
According to CEO Ge Yuesheng, Matrixport is being developed as a universal exchange for over-the-counter trading, lending and storage of cryptoactive assets. The official launch of the exchange took place on July 8, and an unnamed source said that it could become “the largest non-prescription bureau and asset manager in Asia overnight.”
Ge says that the exact details of financing the exchange will be published later.At the moment, it is known that Wu includes a major shareholder, along with Bitmain and several other global venture capital firms. The company will be based outside of Singapore and already has a team of 100 employees.
The CEO dwelled on Matrixport’s relationship with Bitmain, which is said to be the largest supplier of crypto assets of the exchange.
Bitcoin on the rise
Compared to retail-oriented exchanges, Matrixport targets professional traders and institutional investors, so BitGo and US-based Genesis Global Trading are its main competitors.
Matrixport hits the market at a time when bitcoin moods — and prices — are rising.Compared to the crypto-winter of 2018, which destroyed the value of bitcoins and undermined Bitmain’s hope for an initial public offering (IPO), the following exchange could go into opportunistic time.
Ge explained the exchange plans to use his connection with Bitmain and to meet the needs of Chinese crypto miners who became dominant in mining pools around the world. Matrixport is registered in jurisdictions outside of mainland China as a way to circumvent the country's permanent ban on trading in cryptocurrency.
Prior to launch, Ge was one of the founders of Bitmain along with Jihan Wu, and he owned a 4% stake in the mining company.