Wen Jie Xue Jiao, Lu Xiaoming
Wu Jihan, the leader of the mining circle, will eventually extend his hand to finance and trade.
In the evening of June 5th, a report gave us a glimpse of Wu Chi Han’s new work, the digital monetary and financial project Matrix, which will be formally launched in July.
According to The Block, the project was originally a “trading and trusteeship Department” within the bit continent, which was transformed into an independent company in February of this year through a business opportunity.
Gu Li, a large mine owner who has long worked with Bitan mainland, also told the Odaily daily newspaper that “this project has been brewing for a long time, and that the team before Wu Chi Han’s departure from the CEO is already there. Preparations for some time ago (that is, February to date) should be done for product polishing and capital preparation, and the market side should also do some basic communication.
Odaily Star daily confirmed its headquarters, personnel and business to Matrix. Matrix official response: the headquarters is indeed outside; the president is Ge Yue Sheng, and Wu Mengxia, the chief investment officer of the original bit mainland, has joined the Matrix; the specific business includes digital money custody, asset management, mortgage lending and OTC transaction services, similar to digital money banks.
Bit’s mainland prospectus shows that GE Yue Sheng is 27 years old. He joined the bitch mainland in December 2014. He is a member of the founding team of bit mainland. He is also one of the shareholders of Bitan mainland, holding 4.6%. He was senior investment director and executive director in bitland, and he was responsible for investment activities. Before joining the bit continent, he was an analyst at an investment management company in Shanghai.
Closely related “cold’s gold suit”
Matrix was dubbed “cold gold clothing” inside bit continent.
“Cold’s gold clothing” is exactly what Wu Jian is the helm of Matrix.
The Block said, “at this stage, it is not clear what the role of Wu Chi Han will play in Matrix, but his current position is said to be president.” Matrix official has not disclosed the relationship between Wu Jian Han and Matrix.
According to earlier news, Wu Jihan officially stepped down as a joint CEO in the end of March this year, focusing on the Matrix project, and Matrix will also independently raise foreign funds. According to sources close to the management, Matrix has directly identified several investment giants in the circle.
Before this big exposure, Matrix has been quite mysterious. According to people interviewed by Matrix, Matrix did not explain the detailed business of the company when recruiting, but also disclosed the post information much more than the financial company. The interviewer didn’t even reveal his name to the interviewer.
Odaily daily understands that the Matrix team is mainly distributed in Hongkong and Beijing. The business will be geared to global users (excluding US users), providing digital money hosting, asset management, mortgage lending and OTC trading services, similar to digital money banks.
“Capital management is similar to the savings and interest earning function of banks.” A digital money management industry who has communicated with the Matrix team said.
Mortgage lending is the rise of digital money and financial business in the past two years. When the bear market is long, the users who are bullish on the market for a long time are not willing to sell the coins in their hands, but they need cash turnover, so they pledge the money to the encryption lending platform and institutions so as to obtain liquidity. The borrower can earn interest, and the loan platform can also extract fees and profits.
The largest customer is bit continent.
A digital money custodian told Odaily planet daily that the target users of Matrix are mainly miners in bitland. The reason why he cut into this field is that he has accumulated some bits here.
As the largest producer and pool investor, miners’ resources are the advantages of bitland.
According to Odaily planet daily, in the past few months, Matrix has been looking for a lot of mine owners, encryption lending platform and large capital side, and began to talk about cooperation.
Gu Li, the owner of the mine, said that he was in contact with Matrix and worked on mortgage lending. The interest rate given by Matrix was below 12 points.
As for the capital side, other encrypted currency lending platforms may be one of the sources of Matrix funding. “The financial industry is an industry that needs cooperation. When we lack bitcoin or other stable currencies, we will also borrow money from other platforms.” Li Ming explained to Matrix about cooperation.
Li Ming understands that when Matrix talks with partners, interest rates are very low. He disclosed that the interest rate offered by Matrix was only 12 points, when the industry level was at 14-18 points, and the currency of the lender’s pledge was also kept by Matrix. “Equivalent to no wind control. Money has also been borrowed. The currency has not been mortgaged. What is the difference between this and the credit loan? ” So Li Ming finally gave up working with Matrix.
Another industry insider who had contacted Matrix, Xu Ke told the Odaily daily, “initially thought it was serving the miners group. Later, it was discovered that bits of mainland made it possible for internal executives to borrow money to find this platform, and they all called it” cold’s gold clothing “. However, Odaily asked a bit of mainland internal staff to verify the matter. The latter said no similar request was heard.
The Block’s report also shows that Matrix’s biggest customer is bitland.
There are many lines of business under bit continent, which will inevitably generate demand for capital lending, plus the fact that bit mainland has its own mining business, and it is also reasonable to become a client of the lending platform.
A Sichuan mine owner described the relationship between bitland, bit deer and Matrix:
“The mainland has a son, the matrix (Matrix). Then there’s a little three, called bit deer. The son will not be obedient, but he has to keep it. We need resources to give money to our resources, and there’s nothing wrong with it. “
However, as mentioned in the foregoing, as Matrix follows the style of Wu cold, mysterious and low-key, and how it relates to the bit continent, there is no official caliber at present.
A person close to bit mainland said he did not understand the situation of Matrix. Matrix and bit continent are two independent companies after all. Even if Wu Jihan was founded, a certain business cooperation is normal.
What is the pros and cons of Matrix?
Whenever the giants enter, the players in the track are afraid.
The B terminal of the digital currency is very popular. Hosting, mortgage lending and OTC are very imaginative in every business. Especially now, the digital money industry, which is still in the initial stage and scattered everywhere, is still in a period of wilderness. This is probably the time that Matrix grasps.
As The Block has said, Matrix may do business through an offshore holding company. Odaily planet daily learned to an insider, “Matrix is located in Hongkong. “
Speaking of the attraction of Matrix for OTC, a mining personage said, “mining is the source of white money.” This will make big money very exciting. ” White money refers to coins that have just been dug up. There is no transfer record before the ore pool / miners’ account. This will greatly reduce the risk of money being involved in money laundering.
Matrix, which hatched on the mainland of China, is rich in resources from mines and miners.
In anticipation, The Block quoted a close Asian investor saying: “Matrix will become the world’s largest OTC platform and Asset Management Co. If liquidity is in place, it will be followed by lower transaction prices.”
Gu Li also believes that Matrix is promising. “If the scale of this matter is large enough, this potential energy target must be the largest BTC transaction and storage platform. If they do, bit mainland will have great pricing power on the issue cost of BTC coins, depository interest rates and so on, which is the role of the central bank.
Of course, the business of Matrix is really strong, and it is necessary to enter the Anglo American regional exhibition industry. Here we will encounter Circle and Coinbase, who are the most impeccable opponents in the OTC trading and regulation.
It is very interesting that in May last year, bit continent invested $110 million in Circle E financing. How the two will compete in the future is also a great expectation.
Back to now, Matrix should not worry about Circle, but the fire money and OKCoin. These two big exchanges have been working on OTC business for many years, and are competing with Matrix in a competitive market. Several people in the industry believe that the exchange of technology such as fire currency is very deep in this aspect.
“As soon as we get out, there will be large users.” The founder of a wallet company believes that customer resources are the advantages of Matrix, but competition with existing peers may be a little harder. “The exchange can’t play the mine, and vice versa.”
Gu Li also pointed out the risks faced by Matrix: “it is difficult to do research and development, sales or information management transactions. Product experience, capital cost, compliance risk and exchange competition are all challenges.”
“About one billion of the money market is now almost the same.” A large mine owner in the industry is more direct. “OTC is everywhere. It doesn’t seem particularly necessary.”
“They have done everything now, and they have eaten all the risks.” A practitioner who provided financial services to miners suggested.
The practitioner’s “doing everything” is not Matrix, but bit continent.
Even though Matrix is independent of the bitland architecture, the outside world has already labeled “Wu Chi Han” and “bit continent”.
This is bound to give it the advantage, and it also disputes it.
(Gu Li, Li Ming and Xu Kejun are pseudonyms).