Crypto loan provider Matrixport seeks $100M funding despite lending crisis

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

Lead investors have previously committed $50 million for Matrixport’s new funding round in a $1.5 billion valuation, Bloomberg reported on November. 25. The offer has not yet been finalized as Matrixport continues to be searching for investors for that partner from the round.

Based on the organization, the brand new round belongs to Matrixport’s usual funding agenda. “Matrixport routinely engages with key stakeholders included in its normal span of business, including investors keen to sign up and let our vision like a digital assets financial services provider,” the firm’s pr mind Ross Gan stated.

Matrixport’s new funding comes annually following the firm conducted a $100 million Series C funding round conducted in August 2021, being a unicorn having a $1 billion valuation.

The fundraiser was brought by major global investment capital firms, including DST Global, C Ventures and K3 Ventures. Other contributors as a whole incorporated major industry investors like Tiger Global, Qiming Venture Partners, CE Innovation Capital along with a&ampT Capital, alongside existing investors like Polychain, Dragonfly Capital, Lightspeed, IDG Capital yet others.

Based on Bloomberg data, Matrixport handles $5 billion of trades every month and it has many vast amounts of dollars of assets under management and child custody. The firm apparently employs near to 300 people.

Established in Feb 2019, Matrixport is among the largest cryptocurrency lenders in Asia, offering an array of crypto services, including buying and selling and child custody. The organization also provides cryptocurrency and stablecoin loans, in addition to zero-cost loans having a % rate of interest and liquidation protection.

Matrixport is among the couple of crypto lending platforms that have the symptoms of not been impacted by the continuing crisis of cryptocurrency lending. As formerly as reported by Cointelegraph, a few of the greatest crypto lending platforms including Celsius and BlockFi have faced major issues this season because of the ongoing bear market and also the connected crisis of cryptocurrency lending.

Related: Crypto loan provider Hodlnaut apparently faces police analysis in Singapore

Wu’s crypto company also stated it wasn’t an excessive amount of impacted by the ongoing FTX contagion, reporting a couple of issues because of the crash of Mike Bankman-Fried’s crypto exchange. On November. 11, Matrixport reported that 79 of their users endured losses as a direct consequence of FTX issues, adding the affected products incorporated the BTC Fixed Earnings Products and Victoria BTC Fund Products.

“We will have to highlight that Matrixport’s goods are susceptible to strict segregation from each other to ensure that just one impacted product won’t modify the other products because the underlying asset and fund flow are segregated,” the firm mentioned.

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