AscendEX’s $50M raise highlights ambitions beyond exchange business

Global cryptocurrency and financial platform AscendEX recently concluded a $50 million Series B fundraiser that was backed by some of blockchain’s biggest venture funds, putting the company on track to bridge the gap between centralized finance and the budding world of DeFi. In an exclusive interview with Cointelegraph, AscendEX’s head of business development Shane Molidor and Wes Kaplan, the platform’s director of marketing and operations, talked about the company’s growing value proposition beyond the crypto exchange business and highlighted the role of institutional investors in fueling innovation in the industry.

Venture capital forges strategic partnerships

AscendEX’s Series B was led by Polychain Capital and Hack VC, with additional participation from Jump Capital and Alameda Research, among several others. Such influential names provided a “strategic injection of capital and intellectual horsepower” to AscendEX, said Shane Molidor. In addition to providing funding, which will be used to accelerate international market entry and further product innovation, the VC round was intended to solidify a strategic alliance with some of blockchain’s biggest investors.

Expanding beyond the exchange business

DeFi vs. CeFi isn’t what it seems

Institutions are “looking under the hood”