Bitdeer Technologies co-founder, Jihan Wu has recanted his journey in the digital currency ecosystem, and at the same time, expressed optimism in the future growth potential of the industry. Per an exclusive interview with Forbes, Wu talked about his early days as a crypto entrepreneur, the emergence of Bitmain Technologies, the company’s struggles, and the forecast for future growth.
Wu’s journey into the cryptocurrency ecosystem began with the Bitcointalk forum where he learned of Bitcoin and its potentials. He pulled the funds he gathered from investing in the digital currency together and partnered with Micree Ketuan Zhan to establish Bitmain Technologies, known for its high-performance Bitcoin mining rigs. The company pulled off to a very great start and soon diversified into AI, exchanges, and more, raking in a revenue of over $2.5 billion as of 2017.
Bitmain had dominance in the crypto mining ecosystem, and its resounding growth was stumped by one of the most massive price corrections in crypto history in 2018. With this adverse market, a situation came strife between Wu and Zhan and the power tussle eventually led to the exit of Wu from Bitmain even though he still maintains a stake in the company.
The Emergence of Bitdeer and Matrixport
Following his exit from Bitmain, Wu used his wealth of experience and expertise to establish Bitdeer Technologies and Matrixport, two of the most successful startups in crypto today.
Bitdeer Technologies is a cryptocurrency mining company that operates as many as 100,000 miners and has already announced plans to list on the Nasdaq at a $4 billion valuation. Wu’s second company, Matrixport, is a financial services firm valued at $1 billion in its latest funding round. Matrixport’s business areas border on custody, trading, lending, and structured products.
The firm’s positioning and growth are also a reflection of Wu’s expertise, and it emphasizes his stance that the digital currency ecosystem needs sophisticated infrastructures and systems in order to help investors preserve their wealth.
Bitdeer Founder Foresees Massive Future Growth
The Bitdeer founder believes the crypto industry will continue to grow and experience more rapid growth in the near future.
“We believed that crypto and blockchain together would experience rapid growth in the future to tens of trillions of dollars,” Wu says. “And many of these new users will stay in the crypto market forever, so they’ll need advanced and sophisticated products to manage the wealth they accumulate in crypto assets.”
Jihan Wu also said emerging innovations like DeFi have come to create a new world, and he predicted regulators and traditional financial institutions will embrace blockchain technology in the near future.