AscendEX Announces 50mm Rise to Series B Led by Polychain Capital and Hack VC
Business Wire India
AscendEX, a global cryptocurrency financial platform, announced the closing of a $ 50 million Series B fundraiser led by Polychain Capital and Hack VC, with participation from Jump Capital and Alameda Research, as well as Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital. Imperii Partners served as the exclusive financial advisor to AscendEX to support the Series B fundraising process.
AscendEX, launched as “BitMax” in July 2018, provides trading, custody and staking services to over one million retail and institutional customers worldwide. The platform has positioned itself as an infrastructure partner of blockchain companies, particularly in the decentralized finance (“DeFi”) sector, and functions as a validation and yield farming portal for more of 60 symbolic projects.
“We are grateful to have high profile investors involved in our latest fundraising,Said George Cao, CEO and co-founder of AscendEX. “Polychain Capital and Hack VC, as active enablers of the DeFi ecosystem, have supported some of the most innovative blockchain networks, exchanges, and commercial institutions in the industry. Likewise, Alameda Research, founded by Sam Bankman-Fried, has become one of the most prolific investors in the industry, fueling growth within CeFi and DeFi.The participation of Jump Capital, a seasoned crypto and fintech investor, highlights the success of our deep roots in traditional finance, as the core team at AscendEX takes pride in our extensive experience in quantitative trading of Wall Street.
AscendEX is well positioned at the crossroads between centralized and decentralized financial sectors, as evidenced by its AscendEX Earn products, and cross-guarantee staking products that allow users to generate returns while trading with leverage. By enabling retail and institutional users to maximize their trading and earning potential, AscendEX has achieved over $ 200 million in average daily trading volume and offers competitive returns among competing centralized exchanges.
“AscendEX plans to use Series B funds to accelerate international market entry and catalyze new product innovations, specifically focused on blockchain-based return generation protocols, ” notes Shane Molidor, Global Business Development Manager at AscendEX. “Building a bridge to the DeFi ecosystem has made AscendEX different from other cryptocurrency exchanges and made the platform a popular destination for innovative DeFi projects to drive initial exchange offerings (“ IEO ”). We are excited to work with our new investors to further strengthen our unique competitive advantages. “
Sam Trabucco, co-CEO of Alameda Research, added, “Alameda has had nothing but excellent experiences working with AscendEX as a client and market maker, and we are delighted to continue to develop our relationship in new ways with this investment. “
“AscendEX is a leader in the transition of crypto projects from primary to secondary markets as evidenced by the continued success of publicly traded tokens,Said Olaf Carlson-Wee, Founder and CEO of Polychain Capital. “We look forward to deepening our collaboration with AscendEX by providing information on changing industry trends and providing advice on top projects to include on the exchange. “
AscendEX uniquely provides dedicated ancillary support for blockchain projects seeking to register on the platform, including consultation on token economic design, secondary market liquidity strategies, staking support, liquidity extraction, as well as global marketing support and translation services. These support services further differentiate AscendEX’s IEO process from other traditional exchanges and, in turn, enable listings to achieve the best results in the industry.
“In an extremely competitive crypto trading landscape, AscendEX has impressively established itself as the place of choice for innovative crypto projects in DeFi, GameFi and crypto infrastructures.,“ said Saurabh Sharma, Partner at Jump Capital. “AscendEX remains at the forefront by constantly innovating and delivering unmet needs such as broad access to staking and DeFi yield farming for retail investors.”
Alex Pack from Hack VC added: “The concept of extracting more value from the crypto held in your wallet has become immensely popular with the decentralized lending and yield farming protocol – AscendEX has further expanded on this by pledging their wallets with validator nodes. , allowing users to trade while winning. No other exchange offers this degree of flexibility for users to earn and participate in blockchain governance while trading with leverage.
To learn more about AscendEX, please visit AscendEX.com.
AscendEX is a global cryptocurrency financial platform serving over 1 million institutional and retail traders with the resources to get more value from their crypto investments. Operating at the crossroads of centralized finance and decentralized finance, AscendEX platform provides access to futures and spot trading, robust portfolio infrastructure and staking support for over 200 blockchain projects. at the forefront of the industry, all of which produce top returns and returns, further driving the growth of the crypto ecosystem. In its efforts to cultivate scalable and secure forms of decentralized financing, AscendEX has become a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects emerging from the ecosystem. Challenge. To learn more about how AscendEX leverages best practices from Wall Street and the cryptocurrency ecosystem to extract the highest value per dollar from its users, please visit www.AscendEX.com.
About Polychain Capital
The emergence of bitcoin and subsequent blockchain technologies has generated a new class of digital assets in which scarcity is based on mathematical properties. Through crypto verification and theoretical game balance, blockchain-based digital assets can be created, issued, and transmitted using software. Polychain is an investment firm committed to delivering exceptional returns to investors through actively managed portfolios of these blockchain assets.
About Hack VC
Hack VC is a private equity firm based in Incline Village, Nevada.
About Alameda Research
Alameda Research was founded in October 2017. We manage over $ 1 billion in digital assets and trade between $ 1 billion and $ 10 billion per day on thousands of commodities: all major coins and altcoins, as well as their derivatives. We have a large scale global operation with the ability to trade on all major stock exchanges and markets.
About Jump Capital
Jump Capital is a leading venture capital fund that invests in crypto and fintech on a global scale.
About Uncorrelated Firms
Uncorrelated Ventures was founded by Salil Deshpande with support from Bain to focus on open source and infrastructure software, both traditional and decentralized. Over 14 years as a Managing Partner and Managing Director of Bay Partners and Bain Capital, Salil has invested over $ 350 million in over 50 early stage companies. Additionally, Salil was on the Forbes Midas list of the 100 Best Performing VC Investors in the World in 2013-2019 and on Business Insider’s first Seed-100 list of the 100 Best Performing Seed Investors in 2021.
About Eterna Capital
Eterna Capital is a UK-based venture capital fund focused on supporting bold and innovative teams that harness the power of blockchain. Launched in March 2018, Eterna has invested in many high profile transactions and is committed to helping entrepreneurs achieve their ambitious goals by providing them with unique insights and support.
About Acheron Trading
Acheron Trading is a designated market maker who creates liquid markets for digital assets. We trade on centralized and decentralized exchanges around the world with over $ 250 million in assets under management.
About anything Search
Nothing Research is a multi-strategy venture capital firm that invests in open finance initiatives. It was founded in March 2021 by a group of digital asset market veterans with professional backgrounds in research institutes, hedge funds and leading digital asset trading platforms such as Huobi and AscendEX. It differentiates itself by its desire to build alongside the founders and shapes stories with invested projects.
About Palm Drive Capital
Palm Drive Capital is a New York and Miami-based venture capital and growth equity fund that has invested in more than 100 leading software and internet companies around the world.