Crypto Exchange AscendEX Attracts $50M From Polychain Capital and Other Investors

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Singapore-based crypto exchange AscendEX has raised $50 million in a Series B funding round led by Polychain Capital and investment firm Hack VC.

Other participants in the funding round include Alameda Research, Jump Capital, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital.

The platform team plans to use the funds to accelerate its entry into the international market and stimulate further product innovation.

AscendEX was originally created in 2018 under the name BitMax. The company underwent a rebranding in March 2021.

UAE-based crypto exchange BitOasis raised $30 million in October. The round was led by venture capital firms Jump Capital and Wamda.

In the same month, crypto trading platform CoinSwitch Kuber received $260 million from Coinbase Ventures and Andreessen Horowitz, with other contributions from Sequoia, Paradigm, Ribbit and Tiger Global.