Additional Series B investors include Alameda Research, Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Palm Drive Capital, and Nothing Research
AscendEX, a global cryptocurrency financial platform, has announced the close of a $50 million Series B raise 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 an exclusive financial advisor to AscendEX in support of the Series B fundraise process.
“AscendEX remains ahead of the curve by constantly innovating and offering unmet needs such as broad staking access and DeFi yield farming for retail investors.”
AscendEX, launched under the name “BitMax” in July 2018, offers exchange, custody, and staking services to over one million retail and institutional clients globally. The platform has positioned itself as an infrastructure partner to blockchain companies, specifically in the decentralized finance (“DeFi”) sector, and operates as a validator and yield farming portal for over 60 token projects.
“We are grateful to have very prominent investors involved in our latest fundraising round,” said George Cao, CEO and Co-founder of AscendEX. “Polychain Capital and Hack VC, as active catalysts of the DeFi ecosystem, have backed some of the industry’s most innovative blockchain networks, exchanges, and trading institutions. Similarly, Alameda Research, founded by Sam Bankman-Fried, has emerged as one of the most prolific investors in the industry, fueling growth within both CeFi and DeFi. Participation from Jump Capital, a seasoned Crypto and Fintech investor, further showcases the success of our deep roots in traditional finance, as AscendEX’s core team is proud of our extensive experience in Wall Street quant trading.”
AscendEX is well positioned at the nexus between centralized & decentralized financial sectors, as evidenced by its AscendEX Earn products, and cross-collateralized staking products that allow users to generate yield while trading on leverage. By empowering retail and institutional users to maximize their trading and earning potential, AscendEX has achieved over $200 million in average daily trade volume and provides competitive yields among competing centralized exchanges.
“AscendEX plans to use the Series B funds to accelerate international market entry, and catalyze further product innovation, specifically focused on blockchain-based yield generating protocols,” notes Shane Molidor, Global Head of Business Development at AscendEX. “Building a bridge to the DeFi ecosystem has allowed AscendEX to differentiate itself from other cryptocurrency exchanges and has made the platform a popular destination for innovative DeFi projects to conduct initial exchange offerings (“IEOs”). We are thrilled to collaborate with our new investors to further solidify our unique competitive advantages.”
Sam Trabucco, Co-CEO of Alameda Research, added, “Alameda has had nothing but great experiences working with AscendEX as a customer and market maker, and we’re thrilled to keep expanding our relationship in new ways with this investment.”
“AscendEX is a leader in transitioning crypto projects from primary to secondary markets, as seen through the continued success of the tokens listed on the exchange,” said Olaf Carlson-Wee, Founder & CEO at Polychain Capital. “We look forward to deepening our collaboration with AscendEX by providing insights into evolving industry trends and providing guidance on top-tier projects to list on the exchange.”
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AscendEX uniquely provides dedicated auxiliary support for blockchain projects seeking to list on the platform, including consultation on the token economic design, secondary market liquidity strategies, staking support, liquidity mining, as well as global marketing support and translation services. These supporting services further differentiate AscendEX’s IEO process from other mainstream exchanges, and in turn, allow listings to achieve industry leading results.
“In an extremely competitive crypto exchange landscape, AscendEX has impressively emerged as the leading venue for innovative crypto projects in DeFi, GameFi and crypto infrastructure,” said Saurabh Sharma, Partner at Jump Capital. “AscendEX remains ahead of the curve by constantly innovating and offering unmet needs such as broad staking access and DeFi yield farming for retail investors.”
Alex Pack at Hack VC added, “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.”
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