AscendEX secures funding as it eyes international expansion

Global cryptocurrency financial platform AscendEX has secured $50m in its Series B round, which will support its international growth.

The round was led by Californian venture capital firms Polychain Capital and Hack VC. Additional contributions came from Jump Capital, Alameda Research, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital.

With the Series B funding, the company hopes to bolster its international expansion efforts, as well as capitalise on product innovation, with it exploring blockchain-based yield generating protocols.

AscendEX, which originally launched as BitMax in July, provides exchange, custody and staking services to more than one million retail and institutional clients around the world.

It offers auxiliary support for blockchain projects looking to list on the platform, including consultation on the economic design, secondary market liquidity strategies, staking support, liquidity mining, as well as global marketing support and translation services.

Hack VC Alex Pack said, “The concept of extracting more value from the crypto held in your wallet has become immensely popular with decentralized lending and yield farming protocol – AscendEX has further expanded on this by cross-collateralizing their wallets with validator nodes, allowing users to trade while earning. No other exchange is offering this degree of flexibility for users to earn and participate in blockchain governance while also trading on leverage.”

Fellow cryptocurrency financial platform Celsius Network hit a $3bn valuation following the close of a $400m funding round.

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