AscendEX completes $50 million Series B round led by Polychain and Hack VC

Singapore-based cryptocurrency platform AscendEX, formerly known as BitMax, has raised $50 million in a Series B funding round.

San Francisco-based Polychain Capital and Nevada-based private equity firm Hack VC led the round. Additional firms participating include Jump Capital, Alameda Research, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research, and Palm Drive Capital. Imperii Partners advised AscendEX during the raise process. 


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AscendEX plans to use the funds to support international growth. The company was founded in July 2018 as BitMax and relaunched with its current name in March. 

"In an extremely competitive crypto exchange landscape, AscendEX has impressively emerged as the leading venue for innovative crypto projects in DeFi, GameFi and crypto infrastructure," Jump Capital partner Saurabh Sharma said in a press release. “AscendEX remains ahead of the curve by constantly innovating and offering unmet needs such as broad staking access and DeFi yield farming for retail investors."

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Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.