MaiCoin Group, an operator of Taiwan's largest cryptocurrency exchange, might go public on the Nasdaq stock market within two years, Bloomberg has learned, citing people familiar with the matter.
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Currently, the company is completing a Series C funding round that might brings its valuation at about $400 million. MaiCoin reportedly plans to use the proceeds to finance expansion into Southeast Asia. However, no final decision has been made as the funding is still in the process.
According to a fundraising document seen by Bloomberg, MaiCoin plans to increase its trading revenue to over 70% annually through 2025. It also projects similar growth for its crypto brokerage arm. The people close to the exchange say it gets approximately 80% of its revenue from Taiwan. At the same time, the exchange and brokerage businesses are similar in size.
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