AscendEX, a cryptocurrency exchange platform, has announced the close of a $50 million Series B raise led by Polychain Capital and Hack VC, with participation from Jump Capital and Alameda Research, as well as Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research, and Palm Drive Capital. Imperii Partners served as the financial advisor to AscendEX in support of the Series B fundraising process.
Launched under the name ‘BitMax’ in July 2018, AscendEX offers an exchange platform (convert BTC to USD), custody, and staking services. Further, AscendEX has positioned itself as an infrastructure partner to blockchain companies in the (DeFi) sector and operates as a validator and yield farming portal.
“AscendEX plans to use the Series B funds to accelerate international market entry, and catalyze further product innovation, specifically focused on blockchain-based yield generating protocols. Building a bridge to the DeFi ecosystem has allowed AscendEX to differentiate itself from other cryptocurrency exchanges and has made the platform a popular destination for innovative DeFi projects to conduct initial exchange offerings (IEOs).”
-Shane Molidor, Global Head of Business Development at AscendEX
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