Former Bitmain employees launch a crypto startup

Amidst last year’s layoffs, ex-Bitmain employees are planning to launch a new cryptocurrency project Matrix, reports. Some of the former Bitmain workers are said to be the team involved in the Bitmain’s bitcoin cash project—Copernicus. According to CoinDesk, the new startup will offer cryptocurrency custody, over-the-counter trading and cryptocurrency lending. 

While there is talk Bitmain’s co-founder Jihan Wu is the mastermind behind the new project—his interest has always been in blockchain and bitcoin cash development—Wu’s spokesperson claimed the news of Wu leaving Bitmain is “purely a rumor.” 

One of the sources said the new company was established in February and has already obtained outside investment. The source says it is legally not associated with Bitmain or Wu in any way. They report Yuesheng Ge, Bitmain’s former senior investment director, might have the position of the CEO.