Crypto Trading Platform AscendEX Raises $50M From Backers Including Alameda Research

Singapore-based cryptocurrency trading platform AscendEX has raised $50 million in a Series B funding round led by Polychain Capital and Hack VC with participation from Alameda Research and other investors, the company said in a statement.

  • Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Palm Drive Capital and Nothing Research also participated in the round.
  • AscendEX, which was launched under the name “BitMax” in July 2018, offers crypto exchange, custody and staking services.
  • The company plans to use the funds to “accelerate international market entry and catalyze further product innovation, specifically focused on blockchain-based yield generating protocol,” Global Head of Business Development Shane Molidor said in the statement.
  • AscendEX said it serves over one million retail and institutional clients, and has reached over $200 million in average daily trading volume.
  • No valuation for the company was disclosed.

Read more: Sam Bankman-Fried Hands Control of Crypto Trading Firm Alameda to Two Deputies

Source: Coin Desk

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