Bloomberg: Taiwan’s largest bitcoin exchange valued at $400 million

The Taiwan-based MaiCoin cryptocurrency exchange is set to be valued at $400 million after the close of its Series C funding round. According to Bloomberg sources, the platform’s management is weighing an IPO on Nasdaq within two years.

The funds will be used to expand into Southeast Asian markets.

The firm expects that by 2025, the compound annual growth rate of its platform and crypto-brokerage revenue will reach about 70%. Currently, 80% of the figure is accounted for by the core jurisdiction.

MaiCoin customers can place trading orders in the mobile app, and also in Seven-Eleven and Hi-Life stores.

Taiwan has no rules for cryptocurrency platforms apart from anti-money-laundering law. The regulator noted that in January only 3 of 16 organisations were able to confirm compliance with these requirements.

Since July 2021, the local Financial Supervisory Commission has issued several warnings about crypto-related risks but has not taken any further measures.

As reported, Indian cryptocurrency exchange CoinDCX was allowed to pursue an IPO after regulatory clarity in India.

Earlier, Binance CEO Changpeng Zhao stated plans to conduct a U.S. IPO of its American subsidiary within the next three years.

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