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Crypto lender Matrixport seeks $100M funding regardless of lending disaster

Matrixport, the cryptocurrency agency based by Bitmain co-founder Wu Jihan, is within the means of elevating $100 million funding regardless of the continuing crypto market disaster.

Lead buyers have already dedicated $50 million for Matrixport’s new funding spherical at a $1.5 billion valuation, Bloomberg reported on Nov. 25. The deal has but to be finalized as Matrixport remains to be searching for buyers for the opposite half of the spherical.

According to the corporate, the brand new spherical is a part of Matrixport’s regular funding agenda. “Matrixport routinely engages with key stakeholders as part of its normal course of business, including investors keen to participate and enable our vision as a digital assets financial services provider,” the agency’s public relations head Ross Gan mentioned.

Matrixport’s new funding comes a yr after the agency carried out a $100 million Series C funding spherical carried out in August 2021, changing into a unicorn with a $1 billion valuation.

The fundraise was led by main international enterprise capital companies, together with DST Global, C Ventures and K3 Ventures. Other contributors within the spherical included main trade buyers like Tiger Global, Qiming Venture Partners, CE Innovation Capital, A&T Capital, alongside current buyers like Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.

According to Bloomberg information, Matrixport handles $5 billion of trades every month and has tens of billions of {dollars} of belongings underneath administration and custody. The agency reportedly employs near 300 folks.

Established in February 2019, Matrixport is without doubt one of the largest cryptocurrency lenders in Asia, providing a variety of crypto providers, together with buying and selling and custody. The firm additionally provides cryptocurrency and stablecoin loans, in addition to zero-cost loans with a 0% rate of interest and liquidation safety.

Matrixport is one in all few crypto lending platforms that seem to haven’t been affected by the continuing disaster of cryptocurrency lending. As beforehand reported by Cointelegraph, among the largest crypto lending platforms together with Celsius and BlockFi have confronted main points this yr because of the ongoing bear market and the related disaster of cryptocurrency lending.

Related: Crypto lender Hodlnaut reportedly faces police investigation in Singapore

Wu’s crypto firm additionally mentioned that it wasn’t an excessive amount of affected by the continuing FTX contagion, reporting a couple of points because of the crash of Sam Bankman-Fried’s crypto alternate. On Nov. 11, Matrixport reported that 79 of its customers suffered losses within the aftermath of FTX points, including that the affected merchandise included the BTC Fixed Income Products and Victoria BTC Fund Products.

“We would need to emphasize that Matrixport’s products are subject to strict segregation from one another so that a single impacted product will not affect the other products as the underlying asset and fund flow are segregated,” the agency said.