Matrixport, Startup Created By Bitmain Co-Founder, to Expand to Europe with Zurich Office

A cryptocurrency start based in Singapore called Matrixport is about to open up a new office in Europe. The startup, which was created by the CEO of Bitmain, Jihan Wu, is set to expand to Switzerland by opening an office in Zurich in the coming weeks.

In the new country, Matrixport will be known as “Chaintech” and will offer options for trading, custody and lending services to its clients. The services are set to be similar to the ones which are already being offered in Singapore, where the main branch of the firm is based.

This expansion comes only a few months after Wu first launched the company, meaning that the expansion is happening quite quickly. As soon as Matrixport opened, several ex-Bitmain employees were hired to work there. Most of them were laid off during the bear market last year and this was the chance to rehire them.

The CEO of the startup is Hui Wang, who talked to the Swiss media and affirmed that Matrixport now plans to hire 10 more employees within the timeframe of two years. The new office is set to provide full services for customers, so they will not be redirected to the Asian company in order to access the services offered to them.

In related news, Bitmain’s branches do not seem to be doing so well. Bitmain Switzerland, the company’s subsidiary in Zug, will shut down soon. The branch was originally launched back in 2018 to boost the global reach of the mining manufacturer, but it seems that it was not so successful in this enterprise, after all.