Introduction to Matrixport’s European Adventure
Matrixport, the brainchild of ex-Bitmain CEO Jihan Wu, is taking its talents from Asia to Europe. The crypto startup is setting up shop in Zurich, Switzerland, and with that, it’s ready to offer its suite of services including trading, lending, and custody right to the heart of Europe.
What’s Cooking at the Zurich Office?
With the official registration as Chaintech in Switzerland, Matrixport isn’t just dipping its toes in the European waters. CEO Hui Wang has plans to hire a small army, with an ambitious target of 10 employees over the next two years. The focus? Not just to funnel clients back to Asia, but to provide comprehensive services tailored for the European market.
Timing is Everything, Right?
Believe it or not, this move comes a mere five months after Wu launched Matrixport in July. The aim was clear: to cater to a growing need for over-the-counter trading, lending, and custody services within the crypto sphere. And voilà, they’ve hit the ground running—mostly with a team comprising former Bitmain employees who found themselves on the wrong side of the 2018 bear market.
The Bitmain Connection: A Double-Edged Sword?
Speaking of Bitmain, it’s worth noting the unfortunate news surrounding its Swiss subsidiary. The Zug-based branch is preparing to close its doors after nearly four years of operation. This was all part of Bitmain’s grand plan to expand globally, with other branches scattered across the globe—from Amsterdam to Hong Kong.
What Does This Mean for the Crypto Market?
The expansion of Matrixport into Europe might just shift the landscape of cryptocurrency services on the continent. It signals a growing confidence in the European market, especially as this startup aims to fill the void left by Bitmain’s retreat. And as many crypto enthusiasts know, every cloud has a silver lining—maybe this European expansion is just what the doctor ordered for crypto lovers in the region.
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