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Former Bitmain Chief Executive Officer Opens New Cryptocurrency Startups

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The previous Chief Executive Officer of Bitmain, one of the biggest bitcoin (BTC) mining pools internationally, has started a crypto-related financial firm, as indicated by a Bloomberg report on July 8.

Following reports on the activity toward the beginning of June, Bitmain founder and previous CEO Wu Jihan authoritatively created another crypto exchanging platform today that will purportedly offer over-the-counter (OTC) exchanging, loaning and guardianship.

The project tagged Matrixport, and the Singapore-based firm supposedly procured much previous Bitmain staff that was laid off from Bitmain because of the bear market of 2018.

While Wu is a noteworthy Matrixport investor, the organization has various worldwide funding firms as investors, including Bitmain itself, the firm’s CEO and Bitmain investor Ge Yuesheng explained. Ge included that Matrixport will authoritatively declare more insights regarding the organization’s financing later on.

Even more, in a meeting with Bloomberg, Ge expressed that Matrixport will go about as a subordinate to Bitmain as opposed to a contender, and focused on the fact that the organization is “firmly attached to Bitmain by our birthplace.”


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Ge, a significant stakeholder and a 4% investor in the Bitmain, likewise asserted that Matrixport would utilize its Bitmain’s company and skill to address the issues of Chinese digital currency miners.

The news comes in the midst of reports that Bitmain is resuscitating plans for an Initial Public Offering (IPO) in the second quarter of 2019. As some sources revealed to Bloomberg, Bitmain hopes to raise around $300 million to $500 million out of an IPO in the United States later on this year.

Bitmain’s underlying plans to carry out an IPO in Hong Kong failed out in March 2019 when its contract with the Hong Kong Stock Exchange terminated. In the months paving the way to the IPO, Cointelegraph spotted dubious and conceivably deceptive language in Bitmain’s IPO investorsā€™ deck. Different reports later discovered that the firm lost $500 million in the third quarter of the year 2018.

Source: https://cointelegraph.com/news/former-bitmain-ceo-opens-new-cryptocurrency-startup

About the author

Jo Arazi

Jo Arazi

Jo is a seasoned writer and analyst of the cryptocurrency market with several years of experience writing for various blogs and websites worldwide. He has worked with several crypto startups and is a supporter of credible crypto projects worldwide.

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