Former CEO Of Bitman Launches A New Startup

Former Bitmain CEO Jihan Wu Launches Matrixport

According to the Cointelegraph report, a co-founder and former CEO of Bitman (a mining equipment company) Jihan Wu launched a new platform for trading, lending and storing cryptocurrency back in June 2019.

The platform is called Matrixport. Dozens of former Bitmain employees, who were fired from the company during the bear market period in 2018, when Bitcoin and other cryptocurrency rates were low, were invited as employees of a new company.

Matrixport Relations with Bitmain and Upcoming IPO

While Wu is a major shareholder of Matrixport, the company has a number of global venture capital companies as investors, including Bitmain. It was announced by Ge Yuesheng, current CEO and shareholder of Bitmain. Ge added that Matrixport would officially announce more details on the company's financing later.

Ge claimed that Matrixport would act as a Bitmain partner in an interview at Bloomberg, not a competitor.

Ge, one of the Bitmain founders and 4% shareholder of the company, said that Matrixport would use connections and experience of Bitman to meet the needs of Chinese cryptocurrency miners.

This news appeared during the time, when Bitman management started to review the initial public offering (IPO) plan in the second quarter of 2019.