Crypto Trading Platform AscendEX Raises $50M From Backers Including Alameda Research

Singapore-based cryptocurrency trading platform AscendEX has raised $50 million in a Series B funding round led by Polychain Capital and Hack VC with participation from Alameda Research and other investors, the company said in a statement.

Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Palm Drive Capital and Nothing Research also participated in the round.AscendEX, which was launched under the name “BitMax” in July 2018, offers crypto exchange, custody and staking services.The company plans to use the funds to “accelerate international market entry and catalyze further product innovation, specifically focused on blockchain-based yield generating protocol,” Global Head of Business Development Shane Molidor said in the statement.AscendEX said it serves over one million retail and institutional clients, and has reached over $200 million in average daily trading volume.No valuation for the company was disclosed.

Read more: Sam Bankman-Fried Hands Control of Crypto Trading Firm Alameda to Two Deputies

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