Wu Jihan, the overlord of the mine, will eventually reach out to finance and trading.
On the evening of June 5th, a report gave us a glimpse of Wu Jihan's new work, the digital currency finance project Matrix, which will be officially launched in July.
According to The Block, the project was originally a “transaction and custody department within Bitland, which was transformed into an independent company through a business opportunity in February of this year”.
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A large mine owner, Gu Li, who has been working with Bitland for a long time, also told the Odaily Planet Daily that “this (project) has been brewing for a long time, and the team has existed before Wu Jihan’s resignation as CEO of Bitco. The preparation for the previous period (ie From February to the present, the work should be done on product polishing and capital preparation. The market should also do some basic communication."
The Odaily Planet Daily has verified the headquarters, personnel and business with Matrix. The official response from Matrix: the headquarters is indeed outside the country; the president is Ge Yuezhen, and the original Bit China Investment Director Wu Mengxia also joined Matrix; the specific business includes digital currency custody, asset management, Mortgage lending and OTC trading services, similar to digital currency banks.
The Bitland Continental Prospectus shows that Ge Yuezhen, 27, joined Bit China in December 2014. He is a member of the founding team of Bitland and one of the shareholders of Bitcoin, holding 4.6%. He is a senior investment director and executive director and is responsible for investment activities. Before joining BitWorld, he was an analyst at an investment management company in Shanghai.
Matrix is dubbed "Han's Gold" inside the Bittland.
"Han's Gold Costume" indicates that Wu Jihan is the helm of Matrix.
The Block said, "At this stage, it is not clear what role Wu Jihan will play in Matrix, but his current position is said to be the president." Matrix officials have not disclosed the relationship between Wu Jihan and Matrix.
According to previous news, Wu Jihan officially retired as the joint CEO of Bitco in the end of March this year, focusing on the promotion of the Matrix project, and Matrix will also independently finance. According to people close to the employer, Matrix directly found a few big investments in the circle, a typical entrepreneurial style.
Prior to this large-scale exposure, Matrix has been quite mysterious. According to people interviewed by Matrix, Matrix does not specify the company's detailed business, nor does it disclose job information. It is just a financial company. The interviewer did not even disclose the name to the interviewer.
The Odaily Planet Daily learned that the Matrix team is mainly located in Hong Kong and Beijing, and will be available to global users (except US users) for digital currency custody, asset management, mortgage lending and OTC trading services, similar to digital currency banks.
“Fund management, similar to the bank’s savings and interest function,” said a digital currency asset management industry that had communicated with the Matrix team.
Mortgage lending is the digital currency finance business that has emerged in the past two years. At the time of the bear market, users who have long been optimistic about the market are not willing to sell the coins in their hands, but they need cash flow, so they are pledged to the encryption lending platform and institutions to obtain liquidity. The lender can earn interest, and the lending platform can also take profit from the fee.
The largest customer is Bit Continental
A person in the digital currency custody industry told the Odaily Planet Daily that the target users of Matrix are mainly miners from Bitland. The reason why he cut into this field, he guessed is because Bit China has accumulated some here.
As the largest mining machine producer and mining pool investor, miners' resources are an advantage of Bitcoin.
According to the Odaily Planet Daily, in the past few months, Matrix has found a number of mine owners, encryption lending platforms and large capital parties to start talking about cooperation.
Mine owner Gu Li said that she is in contact with Matrix and cooperates on mortgage lending, and Matrix gives interest rates below 12 points.
As for the funding side, other cryptocurrency lending platforms may be one of Matrix's sources of funding. “The financial industry is an industry that needs to cooperate. When we lack bitcoin or other stable currency, we will also borrow from other platforms.” Li Ming, who once talked with Matrix, explained.
Li Ming learned that Matrix had a very low interest rate when negotiating with partners. He revealed that Matrix's interest rate was only 12 points, when the industry level was 14-18 points, and the money pledged by the lender was also kept by Matrix. "It is equivalent to no risk control. The money is borrowed, and the currency is not pledged. What is the difference between this and the credit loan?" Therefore, Li Ming finally gave up working with Matrix.
Another industry insider who has contacted Matrix, Xu Ke told Odaily Planet Daily, "At first, I thought it was for the miners. Later, I found that Bitcoin let the internal executives borrow money to find this platform. They called it 'cold inside.' "Golden service." However, Odaily asked the insider of a Bitt mainland to verify the matter. The latter said that he did not hear similar requests.
The Block's report also shows that Matrix's current largest customer is Bitland.
Bitcoin has a number of business lines, which will inevitably generate capital loan demand. In addition, Bitcoin itself has mining business, and it is reasonable for customers to become a lending platform.
A Sichuan mine owner describes the relationship between Bitland, Bit Fawn and Matrix:
"The mainland has raised a son, Matrix. Then there is a little three, called Bit Deer. This son is no longer obedient, still have to raise. To resources to resources to give money, Xiaosan over there, nothing It’s a thing."
However, as mentioned above, since Matrix follows the mysterious and low-key style of Wu Jihan, there is no official calibre at present.
A person close to Bitland said that he did not understand the situation of Matrix. After all, Matrix and Bitland are two independent companies. Even if it was indeed founded by Wu Jihan, it is normal for certain business cooperation.
Where are the advantages and disadvantages of Matrix?
Whenever the giant enters the game, the players in the track will inevitably be embarrassed.
The digital currency B-end track is booming, hosting, mortgage lending and OTC. Every business has imaginative space. Especially now, the digital currency industry, which is still in its infancy and scattered everywhere, is still in a period of conflicts. There is also no absolute giant who dominates the party. This may be the time when Matrix is holding it.
As The Block said, Matrix may do business through an offshore holding company. The Odaily Planet Daily learned from an industry insider, "Matrix is based in Hong Kong."
When it comes to Matrix's attraction for OTC, a mining person said, “Mining is the source of white currency. This will make big money very exciting.” White currency refers to the currency that has just been dug, in the mine pool. There is no transfer record before the miner's account. This greatly reduces the risk of the coin being caught in the money laundering.
The Matrix, which hatches in the Bitumn, has its own resources in the mine pool and miners.
In anticipation, The Block quoted an Asian investor close to (Bigland) as saying that “Matrix will become the world's largest over-the-counter trading platform and asset management company. If liquidity is in place, it will be followed. Low transaction price."
Gu Li also believes that Matrix has a lot to offer. "If the scale of this gathering is large enough, the target of this potential energy is definitely the largest BTC trading and depository platform. If they do, Bitcoin will have a large pricing power on the BTC's minting issuance cost, depository interest rate, etc. This is the role of a central bank."
Of course, Matrix's business is really strong, and it is necessary to enter the exhibition industry in the United States and the United States, where you will encounter the impeccable enemy in the OTC transaction compliance – Circle, Coinbase.
Very interesting point is that in May last year, Bitland led the Circle's $110 million E-round financing. How the two will compete in the future is also quite exciting.
Back to the present, Matrix is not worried about Circle, but Firecoin and OKCoin. These two established big exchanges have been in the OTC business for many years and are in the same competitive market with Matrix. Several industry insiders believe that the trading of fire coins and other companies in this area is a deep technical accumulation.
“There are big users when it comes out.” The founder of a wallet company believes that customer resources are the advantage of Matrix, but it may be a little hard to compete with existing peers. “The exchange will not be able to play the R&D and vice versa.”
Gu Li also pointed out the risks faced by Matrix: “It is difficult to do it regardless of mining machine R&D sales and asset management transactions. Product experience, capital cost, compliance risk, and exchange competition are all challenges.”
“The market for more than one billion coins is now almost the same.” A large mine owner in the industry is more direct. “There are OTCs everywhere, and I feel that there is no need to be especially necessary.”
“They’ve done everything now, which means eating all the risks,” a practitioner who provided financial services to the miners.
The practitioner’s “doing everything” is not Matrix, but Bit China.
Even though Matrix is independent of the Bitland Continental architecture, the outside world has already labeled it "Wu Jihan" and "Bit Continental".
This is destined to give it an advantage and also to dispute it.
(Wen Li, Li Ming, and Xu Ke are all pseudonyms.)
Text | Xue Yan, Lu Xiaoming Operations | Gai Yao Edit | Lu Xiaoming
Produced | Odaily Planet Daily (ID: o-daily)