Ex-Bitmain CEO Jihan Wu Set to Launch Crypto OTC Platform Next Month: Report

Ex-Bitmain CEO Jihan Wu could launch his newest venture next month, according to a report by The Block on June 5.

One unnamed source told the website that the crypto services startup, called Matrix, “will be the biggest over-the-counter (OTC) desk and asset manager overnight.”

Matrix’s OTC offering is likely to be boosted by its close ties to bitcoin (BTC) mining company, Bitmain. The new business will reportedly offer custody and lending services to the Beijing-based giant, receiving a liquid pool in return.

Another of the four unnamed sources told The Block that such high levels of liquidity could result in lower crypto prices, giving Matrix a competitive advantage in Asia.

The Block notes that speculation remains over whether Wu will serve as chairman or CEO of the new company — as well as over whether Matrix would be allowed to operate in China, which has a history of clamping down on the cryptocurrency industry and crypto trading.

Last November, Wu was reportedly demoted from being a “director” at Bitmain to a “supervisor.”

Bitmain is one of the biggest players in the cryptocurrency industry due to its huge mining capabilities, and Wu continues to hold a 20.5% stake in the business.