09 July 2019 12:34, UTC

The former CEO of Bitmain, one of the world's largest mining pools, has launched a startup in the field of cryptocurrency and financial services, as reported by Bloomberg. This initiative started to develop in early June, and today Jihan WU, the co-founder and former CEO of Bitmain, officially launched a new platform that offers over-the-counter trading (OTC), lending and storage.



The Singapore firm, named Matrixport, reportedly hired dozens of former Bitmain employees who were fired from the company as a result of the effects of the 2018 bear market.



Jihan WU is a major shareholder of Matrixport, but the company has attracted investors, a number of global venture capital companies, including Bitmain itself, as announced by its current CEO Ge YUESHENG. In an interview with Bloomberg, he said that Matrixport will act as a Bitmain partner, not a competitor.



The news came amid reports that Bitmain is reviewing its initial public offering (IPO) plans in the second quarter of 2019. Anonymous sources told Bloomberg that Bitmain plans to raise between $300 million and $500 million this year during an IPO in the United States.



Image courtesy of Coindoo

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