startup bitmain, cryptocurrency news, blockchain news, crypto news

New Cryptocurrency Startup Matrixport Started By Former Bitmain CEO

Wu Jihan, the former CEO and co-founder of Bitmain Technologies Ltd. has kicked off a new venture catering cryptocurrency industry with the surge in Bitcoin prices and the revival of the crypto market. The latest updates published by Bloomberg on July 8.

As per the information, the independent entity would go live on Monday and is named as “Matrixport”. The new startup has hired over 100 former employees of Bitmain- one of the leading Bitcoin (BTC) mining pools, who had to leave their jobs last year because of the bear market conditions.

Reportedly, Matrixport is based out of Singapore and would be proposing over-the-counter desk (OTC) trading, custody, and lending services to the users of digital assets which Bloomberg cited as 27-year-old Chief Executive Officer Ge Yuesheng has mentioned in an interview.

 Ge,  who is also one of the Bitmain shareholders further mentioned that

“We are closely tied to Bitmain by our origin and because we operate in different businesses, we are partners rather than competitors.”

The publication while stressing on the crypto bull market conditions mentioned that possibly Matrixport would like to compete BitGo Inc. and Genesis Global Trading Inc. from U.S. Both BitGo and Genesis Global also constructing their financial services platforms for the cryptocurrency traders and investors. Matrixport in its full play planning to launch its services and establish the platform overnight while using its connections and demonstrated expertise, the report reads.

As the new venture is based out in Singapore which is already a crypto friendly nation would be highly beneficial while following the rules and regulation there. On July 5, IRAS– The Inland Revenue Authority of Singapore which falls under the Ministry of Finance of the Singapore government in charge of tax collection, proposed an e-Tax Guide (Draft) for “Digital Payment Tokens” on the exemption of GST  for the sale, issue or transfer of cryptocurrencies.

At present, Bitcoin is trading at a price of $11,885.07 and enjoying 63.0%  market dominance on the remaining 2320 cryptocurrencies. The recovery of Bitcoin from the 2018 fall down is indeed a sign of forthcoming new crypto-based ventures from all over the world except countries which are still living in xenophobia like India and other nations who are thinking to ban the digital assets entirely and in an effort increasingly taking new actions to threaten the crypto friendly citizens. However, the jurisdiction of these countries is still helpless because of brain drain like situation. People are shifting their businesses from outside their base countries to the robust and crypto loving nations like Malta and Singapore where the governments are most supportive and educated towards the new technology.

Image by StartupStockPhotos from Pixabay

Tags: Bitcoin News, Cryptocurrency News, Bitcoin, Cryptocurrencies, Bitcoin News, Mainstream, Cryptocurrency Exchange, Crypto Adoption, BitMain, Matrixport, IRAS, Singapore Ministry of Finance (MOF), BitGo, Genesis Global Trading, Bitcoin (BTC) Mining Pools.