Crypto Exchange Bitmart Said To Seek $300M Valuation In Series B Funding Round

Bitmart, a cryptocurrency exchange based in the Cayman Islands, is reportedly seeking to raise $20 million at a pre-money valuation of $300 million.

What Happened: The exchange is in discussions with Alexander Capital Ventures for leading a Series B round after it raised $10 million in an earlier round. Located in New York City, Alexander Capital Ventures is a private equity firm focused on connecting its clients with pre-IPO investment opportunities and has previously backed the likes of Spotify Technology SA SPOT, Airbnb Inc. ABNB, and Uber Technologies Inc UBER.

Bitmart has a 24-hour trading volume of $1.3 billion and has over 431 tokens listed on the platform, according to CoinMarketCap data.

The development comes at a time when both Bitcoin BTC/USD and Ethereum ETH/USD continue to hit all-time highs. Bitcoin traded at $68,040 at the time of writing on Tuesday, while Ethereum traded at $4813.42.