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 in funding regardless of the continued crypto market disaster.

Lead traders 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 in search of traders for the opposite half of the spherical.

In keeping with the corporate, the brand new spherical is a part of Matrixport’s typical funding agenda. “Matrixport routinely engages with key stakeholders as a part of its regular course of enterprise, together with traders eager to take part and allow our imaginative and prescient as a digital belongings monetary companies supplier,” the agency’s public relations head Ross Gan stated.

Matrixport’s new funding comes a 12 months after the agency performed a $100 million Collection C funding spherical performed in August 2021, turning into a unicorn with a $1 billion valuation.

The fundraising was led by main international enterprise capital companies, together with DST World, C Ventures and K3 Ventures. Different contributors within the spherical included main trade traders like Tiger World, Qiming Enterprise Companions, CE Innovation Capital and A&T Capital, alongside current traders like Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.

In keeping with Bloomberg information, Matrixport handles $5 billion of trades every month and has tens of billions of {dollars} of belongings below 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 companies, together with buying and selling and custody. The corporate additionally provides cryptocurrency and stablecoin loans, in addition to zero-cost loans with a 0% rate of interest and liquidation safety.

Matrixport is without doubt one of the few crypto lending platforms that seem to haven’t been affected by the continued disaster of cryptocurrency lending. As beforehand reported by Cointelegraph, a number of the greatest crypto lending platforms together with Celsius and BlockFi have confronted main points this 12 months because of the ongoing bear market and the related disaster of cryptocurrency lending.

Associated: Crypto lender Hodlnaut reportedly faces police investigation in Singapore

Wu’s crypto firm additionally stated that it wasn’t an excessive amount of affected by the ongoing 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 Mounted Revenue Merchandise and Victoria BTC Fund Merchandise.

“We would wish to emphasise that Matrixport’s merchandise are topic to strict segregation from each other so {that a} single impacted product won’t have an effect on the opposite merchandise because the underlying asset and fund circulate are segregated,” the agency acknowledged.