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Global Crypto financial platform, AscendEx has announced the closing of its Series B funding round where it raised $50 Million.
The funding round was led by Polychain Capital and Hack VC along with participation from Jump Capital, Alameda Research, Uncorrelated Venture, Eterna Capital, Acheron Trading, Nothing Research, and Palm Drive Capital. Imperii partners also served as the exclusive financial advisors to AscendEX during the funding round.
“We are grateful to have very prominent investors involved in our latest fundraising round,” said George Cao, CEO and Co-founder of AscendEX.
Formerly “BitMax”, AscendEX was launched in July 2018 and offered offers exchange, custody, and staking services to over a million retail and institutional clients globally.
The company has positioned itself as an infrastructure partner to blockchain companies within the Decentralized Finance (DeFi) sector, operating as a validator and yield farming portal for over 60 token projects.
This positioning is evident given its AscendEX Earn products which are cross-collateralized staking products that allow users to generate yield while trading on leverage.
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.