Crypto exchange Bitmart in talks to raise at $300 million valuation

Cryptocurrency exchange Bitmart is in talks to raise about $20 million at a pre-money valuation of $300 million, two sources familiar with the matter told me.

Alexander Capital Ventures, known for backing Airbnb and Spotify, is engaging with Bitmart to lead its Series B round, the sources said. Bitmart has raised about $10 million in its earlier financing rounds, according to Crunchbase.

The exchange — which offers spot transactions, leveraged futures trading, lending and staking services for both retail and institutional investors — clocked a revenue of $65 million in the first half of 2021, the sources said, requesting anonymity, as the details are private.

Bitmart — which is among the top 15 exchanges in the world by volume, according to CoinGecko —  did not respond to a request for comment.