Former Bitmain Bitcoin Cash Copernicus Staff to Launch Lending, Custody, OTC Firm

Former Bitmain Bitcoin Cash Copernicus Staff to Launch Lending, Custody, OTC Firm

TL;DR: Chinese news outlet All Weather TMT recently reported exclusive details, claiming to outline a spin off company in conjunction with former mining giant Bitmain. Laid off former members of the Copernicus staff, who worked on Bitcoin Cash-related projects at the company, are said to be launching Matrix, which another report described as dealing in cryptocurrency lending, over-the-counter trades, and custody services.

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Former Copernicus Staff from Bitmain to Launch New Crypto Firm

According to two reports in as many weeks, one from Chinese media and another out of New York, it appears ex-Bitmain employees are reassembling to launch a new company, Matrix. Wolfie Zhao explained, “Former employees of cryptocurrency mining and manufacturing giant Bitmain who focused on bitcoin cash development are planning a new startup that will offer crypto financing-related services.”

Zhao cites two anonymous sources who insist the spinoff company will be comprised of Copernicus members, a group once inside Bitmain dedicated to Bitcoin Cash (BCH) projects such as Wormhole. When layoffs happened last year, most of the group was let go.

Former Bitmain Bitcoin Cash Copernicus Staff to Launch Lending, Custody, OTC Firm

It is less clear from either report exactly what role, if any, Bitmain’s co-founder and CEO Jihan Wu will play in Matrix. He has been relatively quiet of late, appearing briefly for a photo opportunity which itself sparked even more rumor. However, Copernicus was widely thought to be a project overseen by Wu directly. Zhao also asserts, “Yuesheng Ge, a major shareholder of Bitmain” might head the new firm, and how “it’s known that Ge has long been aligned with Wu in Bitmain’s operations.”

Zhang Jilong broke the story in Chinese media, and placed heavy emphasis on inner dynamics at the company, along with characterizing how employees thought of Wu and his leadership (Wu “is a very nice person in daily life”). Jilong confirmed Wu will remain at the mining conglomerate, but is likely behind at least encouraging Matrix. His report also alleged the new firm won’t be BCH-centric as such, and that inside Bitmain there is a struggle for where the company is ultimately headed. So far, none of the parties involved have agreed to make a public statement.

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