Singapore-based crypto trading platform AscendEX raises a $50M Series B co-led by Polychain Capital and Hack VC, at a $455M valuation
Andrew Asmakov / Decrypt :
Context & Ripple Effects
AscendEX's $50M Series B lands mid-wave in a dense cluster of Singapore-domiciled crypto platform raises: months earlier Vauld closed its Valar Ventures-led Series A and custody provider Cobo raised a DST Global-co-led Series B, while Sygnum's digital asset bank round followed in January 2022.
The valuation gap tells the story of where the market thinks value sits — AscendEX's $455M against Amber Group's $3B Temasek-backed Series B extension just months later suggests institutional money was paying up for balance-sheet-heavy crypto finance over pure trading venues.
First-order effects
- Polychain Capital and Hack VC now hold positions in a Singapore trading venue valued at roughly a seventh of Amber Group's mark, giving AscendEX fresh capital to compete for retail and derivatives flow against better-funded local rivals.
Second-order effects
- Amber Group, Sygnum, and Vauld face a crowded domestic field where each new raise bids up Singapore talent and liquidity costs, pushing differentiation toward lending, custody, and banking-style services rather than spot trading alone.
Third-order effects
- If the 2021–2022 funding cadence holds, Singapore consolidates as the default domicile for crypto trading and financial-services platforms seeking a base outside US and Chinese regulatory regimes — though whether that concentration survives a downturn in crypto venture funding is the open question.
The trend: Venture capital concentrated on Singapore-domiciled crypto trading and financial-services platforms through 2021–2022, with valuations stratifying sharply by business model.