By Lewis - Cryptocurrency Speculator - 03-11-2021
Cryptocurrency exchange platform, AscendEX, has announced a new Series B funding round. Leading the round is American investment firm Polychain Capital and venture capital firm Hack VC. Joining the fundraising round will be Jump Capital, Uncorrelated Ventures, Alameda Research, Eterna Capital, Nothing Research, Acheron Trading, and Palm Drive Capital, to name a few. Imperii Partners will support the $50M funding for AscendEX, serving as the cryptocurrency trading platform's financial advisers.
Reportedly, according to AscendEX's statistics, over one million of their client base are retail and institutional investors. Collectively, the clients have been using AscendEX's crypto buying and selling services, custody, and staking tools since the company opened to the public in July 2018 under the name BitMax. AscendEX has since positioned itself as one of the top blockchain infrastructures in the decentralised finance (DeFi) industry. The crypto exchange also serves as a validator and yield farming site for more than 60 token projects. By looking at the AscendEX Earn and cross-collateralized staking products across the network, the platform is ideally positioned at the junction between centralised and decentralised financial sectors.
The CEO of AscendEX had stated that the company is excited to have so many major investors participating in the funding round. In the announcement, the CEO and Co-Founder George Cao had mentioned that the two firms, Polychain Capital and Hack VC, have been sponsoring some of the most major blockchain networks in the crypto and DeFi industry. The two companies have since become active catalysts of the DeFi ecosystem.