Ascendex, a Singapore-based Cryptocurrency Exchange, Successfully Raises $50 Million in Series A Funding
Cryptocurrency trading has become increasingly popular over the years, and Singapore has been at the forefront of this trend. Ascendex, a Singapore-based cryptocurrency exchange, recently announced that it has successfully raised $50 million in Series A funding. This is a significant milestone for the company, which aims to expand its global footprint and enhance its technology offerings.
Background: Ascendex’s Journey in the Cryptocurrency Space
Ascendex, formerly known as BitMax, was founded in 2018 and has quickly become one of the leading cryptocurrency exchanges in Asia. The exchange offers a range of trading services, including spot trading, margin trading, and futures trading. It also offers a variety of cryptocurrency pairs, including Bitcoin, Ethereum, and Litecoin.
Ascendex has been able to achieve its success by offering its users a secure and user-friendly trading experience. The exchange has implemented advanced security measures, such as two-factor authentication and cold storage, to protect users’ assets. It also offers 24/7 customer support to ensure that users can get help whenever they need it.
The Hack: A Setback for Ascendex
In November 2019, Ascendex suffered a hack that resulted in the loss of 3,000 Bitcoin (worth approximately $20 million at the time). The exchange was quick to respond to the hack and reimbursed all affected users. It also implemented additional security measures to prevent similar incidents from happening in the future.
The Series A Capital Raise: A Game-Changer for Ascendex
Despite the setback, Ascendex has continued to grow and expand its offerings. In January 2021, the exchange announced that it had raised $50 million in Series A funding. The funding was led by some of the biggest names in the cryptocurrency industry, including Pantera Capital, Block.one, and Polychain Capital.
The funding will be used to expand Ascendex’s global footprint and enhance its technology offerings. The exchange plans to launch new products and services, including a decentralized exchange and a mobile app. It also plans to expand its operations in key markets, such as the United States and Europe.
The Future of Ascendex: Bright and Bold
With the successful completion of its Series A funding, Ascendex is poised for even greater success in the cryptocurrency space. The exchange has proven that it is able to adapt and grow in the face of challenges, and its commitment to security and user experience has earned it a loyal following. With its expanded offerings and global reach, Ascendex is well-positioned to become a major player in the cryptocurrency industry for years to come.
