Matrixport, the cryptocurrency firm founded by Bitmain co-founder Wu Jihan, is in the process of raising $100 million in funding despite the ongoing crypto market crisis.

Major investors have already committed $50 million to Matrixport’s new round of funding at a valuation of $1.5 billion, Bloomberg reported Nov. 25. The deal has yet to be finalized as Matrixport is still looking for investors for the other half of the round.

According to the company, the new round is part of Matrixport’s regular funding schedule. “Matrixport routinely engages with key stakeholders as part of its normal course of business, including investors interested in participating and enabling our vision as a digital asset financial services provider,” said the director of company public relations, Ross Gan.

Matrixport’s new financing comes a year after the company completed a $100 million Series C financing round conducted in August 2021, becoming a unicorn with a $1 billion valuation.

Fundraising was led by leading global venture capital firms, including DST Global, C Ventures and K3 Ventures. Other contributors to the round included major industry investors such as Tiger Global, Qiming Venture Partners, CE Innovation Capital, and A&T Capital, along with existing investors such as Polychain, Dragonfly Capital, Lightspeed, IDG Capital, and others.

According to Bloomberg data, Matrixport handles $5 billion in transactions each month and has tens of billions of dollars in assets under management and custody. The company reportedly employs about 300 people.

Established in February 2019, Matrixport is one of the largest cryptocurrency lenders in Asia, offering a wide range of cryptocurrency services, including trading and custody. The company also offers cryptocurrency and stablecoin loans, as well as zero-cost loans with 0% interest rate and payoff protection.

Matrixport is one of the few cryptocurrency lending platforms that seems to have been unaffected by the current cryptocurrency lending crisis. As Cointelegraph previously reported, some of the largest cryptocurrency lending platforms, including Celsius and BlockFi, have faced significant problems this year due to the ongoing bear market and associated cryptocurrency lending crisis.

Related: Crypto Lender Hodlnaut Reportedly Faces Police Investigation In Singapore

Wu’s cryptocurrency company also said it was not affected too much by the ongoing FTX contagion, reporting some problems due to the crash of the Sam Bankman-Fried cryptocurrency exchange. On November 11, Matrixport reported that 79 of its users suffered losses from the FTX issues, adding that affected products included BTC fixed income products and Victoria BTC fund products.

“We would have to emphasize that Matrixport’s products are subject to strict segregation from each other, such that a single affected product will not affect the other products, as the underlying asset and cash flow are segregated,” the firm said.





This post Crypto Lender Matrixport Seeks $100M Funding Despite Credit Crisis

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