Leading cryptocurrency exchange completes Series B with a $300M valuation

Leading cryptocurrency exchange completes Series B with a $300M valuation

With digital currency comes innovation, efficiency, and perhaps most importantly, equality. However, before this happens, digital currencies must become simple enough for everyone to use and accessible so that anyone can do so. As it stands today, most crypto services are difficult to use and hard to understand. Moreover, functionality such as participating in spot transactions, futures trading or staking services are not readily available for those already active in traditional markets. Therefore, for mass adoption to become a real possibility, the entire process from purchasing coins to executing a more complex trade needs to be straightforward.

The leading crypto exchange, BitMart, aims to address this concern by creating a diversified and open financial system in the near term and an entry point to the future world of Web 3.0 in the long term. BitMart has proven to be well on its way with the closing of a Series B with a $300 million valuation. The round is led by the New York-based private equity firm Alexander Capital Ventures, the same firm that invested in well-known industry disruptors, Airbnb, Spotify, and Kraken, joined by Alpha Square Group, Chaos Ventures and others.

In response to this partnership, Jonathan Gazdak, manager of Alexander Capital Ventures shares,

“We are excited by the opportunity to support and work with BitMart’s talented team of professionals. This well-managed organization has experienced tremendous growth and success in the digital asset exchange space. The company’s disruptive technology has quickly made them an industry leader. We couldn’t be more pleased with the company’s current state and look forward to being involved in the future evolution of the business.”

Founded in 2017, BitMart has experienced a measure of growth, as evident from its 100x increase in daily active users and doubling of team members in the last ten months. The exchange has also launched several offerings in the easy-to-use category, including flexible savings and locked savings for cryptocurrency users. On the business side, the team is engaging several active connections with new decentralized projects through the venture capital branch Cipholio Ventures.

Reshaping the global economy

Operating with the belief that decentralized digital currencies can reshape the fundamentals of the global economy, BitMart is now recognized as one of the top 15 crypto exchanges on CoinGecko, with over 700+ tokens in 11 markets from Ethereum (ETH), to Polkadot, even extending as far as NFTs and the greater metaverse. Users are also met with some new earnings opportunities, as made available through trusted institutional partners.

More insights on Bitmart here

In alignment with their culture for reliability and transparency, BitMart has continued to embrace compliance in all its endeavors. In regards to current guidelines, Sheldon Xia, the founder and CEO at BitMart, shares,

“The US is the country with the most regulated framework of the blockchain industry. We have been actively embracing the regulatory regime. Also, the series B fundraising helps BitMart seek more strategic resources and look for leading and professional strategic partners.”

BitMart’s investment arm, which has a war chest of over $50MM, will continue to invest and support the growth of the cryptocurrency ecosystem. Their venture team recently made numerous strategic investments across key sectors of the industry,  such as metaverse, infrastructure, GameFi and DeFi.

Remaining multidimensional

The platform is positioning itself for growth on both the exchange front and in terms of the multidimensional crypto ecosystem. In response to these efforts, BitMart aims to continuously focus on premium and innovative projects and accelerate their growth. The BitMart team is also looking to nourish the development of the metaverse and its potential for providing new opportunities for entertainment, profit and social connection.

On the cryptocurrency ecosystem side, parallel development will be made to the traditional financial world, including expanding the derivatives market and ensuring frictionless fiat-to-crypto and crypto-to-fiat exchanges. Together, the team believes these initiatives will allow BitMart to remain at the helm as an industry pioneer that plays a part in developing the rise of the multidimensional world of cryptocurrency.

Learn more about BitMart

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Written by yii9

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