According to The Block, by the end of July, Jihan Wu intends to launch a startup Matrix, specializing in over-the-counter trading, lending and custodial solutions.
According to Chinese sources familiar with the situation, Bitmain will be the key partner of Matrix. Earlier, the Chinese giant contributed to the development of a startup.
Put it this way, they will be the biggest OTC desk and asset-manager [in the world] overnight. With liquidity like that, [low] prices follow. [Matrix should have a competitive advantage in the region as the Asian market is] a lot more price sensitive.
Source which works closely with investors in Asia
Also Matrix will provide Bitmain custody and landing services.
Due to the ban on trading in cryptocurrencies in China, Matrix is likely to be registered in another jurisdiction. However, some experts do not exclude that the authorities of the People's Republic of China with the aim of dedening the industry may provide a new startup with a monopoly right to trade in digital assets.
Due to disagreements on key issues, Bitmain founders Jihan Wu and Micree Zhan left executive positions, but reserved the right to make important strategic decisions.