Summit AscendEX closed a $50 million Series B round led by Polychain Capital and Hack VC

On Nov. 3, Summit AscendEX completed a $50 million Series B funding round. This round of financing was led by Polychain Capital and Hack VC. Meanwhile, Jump Capital, Alameda Research, Uncorrelated Ventures, Eterna Capital, Acheron Trading, Nothing Research and Palm Drive Capital investment. Imperii Partners, a global crypto investment bank, supported the funding process as summit AscendEX's exclusive financial adviser.

The financing values Summit AscendEX at $455 million. Meanwhile, peak AscendEX rose more than 20% in 24 hours on the positive news.

Take root in traditional finance, lead crypto "New Finance"

The success of Summit AscendEX has been driven by the platform's core founding team's experience with traditional finance.

Peak AscendEX's core members are all from top Wall Street financial firms including Morgan Stanley, Deutsche Bank, Goldman Sachs, Bloomberg and Tier 1 HIGH frequency hedge funds, and have a strong background in financial engineering research and large-scale quantitative trading infrastructure development.

Commenting on the funding, George Cao, Co-founder and CEO of Summit AscendEX, said, "We are very honored to have the participation of prominent investors in the industry. We are also proud of the extensive experience of AscendEX's core team in quantitative trading on Wall Street.

As active catalysts for the DeFi ecosystem, Polychain Capital and Hack VC have supported a number of the industry's most innovative blockchain networks, trading platforms and related institutions.

Alameda Research, a global crypto capital management firm founded by Sam Bankman Fried, is one of the industry's most prolific investors, driving the scale growth of cEFIS and trading houses.

"The participation of Jump Capital, an experienced crypto and financial technology investor, is a further demonstration of Peak AscendEX's deep roots in traditional finance." He said.

AscendEX is the pinnacle in the eyes of the investment world's big guns

In the process of the development of the peak AscendEX, is constantly stick to attach importance to every possible market opportunities, through unremitting strategy implementation, to speed up access to the global various high quality resources, in order to deepen the ecological elements of the integrated platform product, the details in the continuous upgrading of products and services, to build a better user experience, achieve sustainable business growth. The major institutions involved in this investment, while highly affirming it, have transformed it into investment cooperation.

Sam Trabucco, co-CEO of Alameda Research, said, "Alameda's experience working with Summit AscendEX as an institutional client and market maker has enabled us to further expand and strengthen our partnership." It is of far-reaching significance to the win-win situation of both sides in the future.

Olaf Carlson Wee, founder and CEO of Polychain Capital, said Peak AscendEX is clearly the industry leader in pulling crypto projects from the primary market to the secondary market, which can be seen in the continued success of the tokens on exchanges.

"We look forward to deepening our partnership with Summit AscendEX by gaining insight into changing industry trends and providing a collaborative effort on top-tier projects coming online on the exchange." He said.

Saurabh Sharma, a partner at Crypto finance venture fund Jump Capital, said That Summit AscendEX's success in the highly competitive crypto trading space has made ita prime choice for DeFi, GameFi and crypto infrastructure innovations.

At the same time, Peak AscendEX is uniquely differentiated by offering traders a variety of products and unique wealth management mechanisms through continuous innovation.

Hack VC's Alex Pack also said that the concept of extracting more value from wallet stores is already popular in lending and farming protocols, and Summit AscendEX expands this concept further by cross-mortgaging wallets with verification nodes, allowing users to make multiple transactions while depositing money and earning interest. This kind of flexibility that allows users to participate in pledge, chain governance and does not hinder the transaction is rare in the industry.

True, Summit AscendEX is Staking, in addition to its proprietary "coin-as-business" approach, and actively provides dedicated support for on-line blockchain projects, along with token economic design consulting, secondary market liquidity solutions, Staking, liquidity mining, and global marketing.

There is no doubt that these aspects support further differentiating Pinnacle AscendEX's new process on the exchange from its mainstream competitors, leading the industry in terms of user ROI.

Build on past achievements and open up new prospects in global market

In the past development process, Peak AscendEX always adheres to the focus and professionalism of value selection, closely follows the development trend of the industry, pays close attention to DeFi, NFT and other fields with landing scene value, strengthens the scale expansion of various sectors and circuits, and extracts and turns effective information from the professional perspective of traditional finance. Dedicated to creating more value opportunities for users.

In particular, Summit AscendEX is working with potential projects to enable blockchain projects with a wide range of potential applications to be recognized and realized through the platform, driving the growth of the global market for quality partner projects.

It is three years since Peak AscendEX set sail in the crypto financial market. With the support of this round of financing, the new international strategic development journey will be overwhelming. In addition to The Asian market, Europe and Latin America will become the new development front, and the global financial plan is being implemented in an orderly manner.

After three years of hard work and continuous effort, Summit AscendEX has grown and developed on a solid path. At present, the platform has more than 200 online quality projects, and the average daily trading volume is about 500 million US dollars. Various businesses of the platform serve users in more than 200 countries and regions around the world.

Commenting on the funding, Shane Molidor, Head of global business development at Summit AscendEX, said that Summit AscendEX plans to use the funding to fully expand into international markets and drive innovation and development of its products, with a particular focus on blockchain-based revenue generation protocols.

"Building and strengthening the bridge to the DeFi ecosystem sets Summit AscendEX apart from other cryptocurrency exchanges and makes it a hot launch destination for DeFi's innovations. We are excited to work with new investors to forge a competitive advantage that is uniquely AscendEX's." " Shane says confidently.

In the future, a new round of horn has been sounded to enter the global crypto financial market. For Summit AscendEX, adhering to and practicing the core values of "efficiency, transparency and robustness" is the only choice to break through the obstacles of fierce market competition. We believe that the wisdom of traditional finance emanating from Peak AscendEX will be profound and lasting.

This article is submitted and does not represent the opinion of BlockBeats.

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