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

Michael Bellusci
·1 min read

Singapore-based cryptocurrency trading platform AscendEx has raised $50 million in a Series B funding round led by Polychain Capital and Hack VC, the company said in a statement. Investors also included Jump Capital, Alameda Research, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Palm Drive Capital and Nothing Research.

  • AscendEx, which was launched under the name “BitMax” in July 2018, offers 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

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