Wu Jihan, former CEO and co-founder of Bitmain Technologies, one of the largest bitcoin (BTC) mining pools globally, has launched a crypto-related financial services startup. Bloomberg first broke the news yesterday.
Named Matrixport, the Singapore-based startup is a one-stop platform for over-the-counter trading, lending and custody for digital assets, according to Bloomberg citing Chief Executive Officer Ge Yuesheng. The venture went live on Monday after spinning off from Bitmain in January, when the world’s largest producer of crypto-mining rigs ran into a cash crunch.
The company’s Chief Executive Officer Ge Yuesheng has confirmed the company will offer over-the-counter trading, lending and custody for cryptocurrencies.
With Wu as a major shareholder, the company’s other shareholders include a number of venture capital firms as well as Bitmain itself. However, precise information regarding the company’s funding is not yet available.
“We are closely tied to Bitmain by our origin,” said Ge. “But because we operate in different businesses, we are partners rather than competitors.”
It is possible Bitmain will become Matrixport’s major client. Should the partnership take place, the company may turn into “the world’s biggest OTC desk” overnight, sources said. This should give Matrixport a competitive advantage in the region over other similar companies as “[w]ith liquidity like that, [low] prices follow.”
Matrixport has chosen Singapore as its headquarters to get around China’s ban on cryptocurrencies.
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