Previous Bitmain Leader, Jihan Wu, Opens New Crypto Deal Matrixport to Offer OTC Trading and Lending
It has been recently revealed that the Co-Founder of mining products and services provider, Bitmain Technologies’ Ltd., Wu Jihan has garnered a team of former employees to establish a crypto services platform reports Bloomberg.
This new endeavor will be called, Matrixport, a service which has been described as being, “fully-committed to launch more regulatory-compliant blockchain financial services.” Matrixport will allegedly support trading at competitive prices and will ensure that traders have access to the lowest possible interest rates.
According to a Bitmain shareholder, Ge, who holds 4 percent in the company, both Bitmain and Matrixport shouldn’t be viewed as firms competing against one another, but rather serving as different service providers coming together. In particular, Ge said:
“We are closely tied to Bitmain by our origin. But because we operate in different businesses, we are partners rather than competitors.”
As for Matrixport’s target market, Ge disclosed that through Bitmain’s established connections and partnerships, those within the Chinese crypto-mining industries will be of major interest.
News outlet, Coin Telegraph also reported on this matter. Based on the claims made, this endeavor comes as a way to recover from Bitmain’s failed initial public offering (IPO) with Hong Kong. However, Bloomberg trusts that Jihan is seeking ways to benefit from Bitcoin’s recent increasing trends.