Crypto exchange BitMart gears up to raise $20 million in series B funding round

Crypto exchange BitMart gears up to raise $20 million in series B funding round

Cryptocurrency exchange BitMart is reportedly gearing up to raise about $20 million at a valuation of $300 million. As per the report, Alexander Capital Ventures, may lead its Series B round.

The Cayman Islands-based crypto platform is one of the top exchanges globally, as reflected in its pre-funding valuation. It has offices located in places like Singapore, New York, Hong Kong, and Seoul. As per Crunchbase, it has previously raised $10 million in funding over 2 rounds. Its lead investor was Chinese venture capital firm Fenbushi Capital.

The company was incorporated in 2017 and has reportedly clocked a revenue of $65 million in H1 2021. Currently, it claims to have over 5 million users for its offering of around 600 cryptocurrencies.

BitMart isn’t alone to be diving in the funding galore. Another New York-based crypto compliance SaaS startup, Notabene, has raised $10.2 million in Series A funding, TechCrunch reported.

Since Notabene’s software help, crypto exchanges comply with regulations. The funding is set to strengthen compliance, like those imposed by the global watchdog Financial Action Task Force (FATF). Another crypto for corporate treasury startup, Meow, has announced raising $5 million in seed funding today.

Galore of financing announcements also point at increased funding in the sector this year. State Of Blockchain Q3’21 Report saw crypto financing go up by 384% when compared to the last year.

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