Taiwan’s largest crypto exchange hits $400 million valuation as it eyes IPO

Taiwan’s largest cryptocurrency exchange, MaiCoin, is reportedly raising a Series C funding round that would value it at $400 million.

A report by Bloomberg on Friday indicated that the company is considering joining fellow exchange Coinbase in going public on the Nasdaq stock exchange in the US within two years.

Maicoin is a cryptocurrency exchange that offers users the ability to trade BTC, SOL and ADA among other currencies – along with the ability to earn yield on ETH and USDC.

According to company documents seen by Bloomberg, it expects trading revenue to rise more than 70% annually up until 2025 with 80% of its revenue currently from Taiwan. The exchange plans to use the new funds to expand into Southeast Asia. 

The news comes as cryptocurrency exchanges globally make major plays for global expansion. On Tuesday, Crypto.com kicked off the rollout of its US exchange platform, and on Wednesday, FTX continued its push into Africa by partnering with payments company AZA Finance.