HomeCryptoNewsCompaniesCrypto Lender Matrixport Aims to Raise $100M Despite Sluggish Market

Crypto Lender Matrixport Aims to Raise $100M Despite Sluggish Market

Matrixport Technologies Pte, one of Asia’s biggest crypto lenders is trying to raise $100 million in funding at a $1.5 billion valuation despite the FTX crisis that continues to reverberate across the digital asset sector.

According to an announcement on November 25, Matrixport is trying to raise the funding as per the company’s normal course of business. The Singapore headquartered cryptocurrency lending firm founded by Bitmain co-founder, Wu Jihan, already has commitments for $50 million from lead investors. But, Matrixport is trying to secure additional investors for the other half of the round. However, the company has not yet disclosed who are the lead investors.

Matrixport’s Routine Funding

Crypto Lender Matrixport Aims to Raise $100M Amid Sluggish Market

The Singapore based crypto platform was founded by by crypto billionaire Wu Jihan who is also the co-founder of Bitmain, the world’s largest manufacturer of Bitcoin (BTC) mining rigs. Matrixport had earlier raised nearly $100 million is a Series C funding round in 2021, led by major global venture capital firms, including DST Global, C Ventures and K3 Ventures.

In addition, the funding round also witnessed participation from Tiger Global, Qiming Venture Partners and CE Innovation Capital alongside existing investors like Polychain, Dragonfly Capital and IDG Capital among others.

Ross Gan, head of public relations at Matrixport, confirmed the latest fundraising plan noting,

“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.”

A Grim Year for Crypto Lenders

The news come at a time when leading crypto lenders have tumbled due to the ongoing market crisis which began earlier this year. Celsius Network, a US crypto lender, announced on July 13 that it had filed for Chapter 11 bankruptcy owing to the fall of Terra/Luna.

In the wake of the Terra (LUNA) and its associated stablecoin TerraUSD (UST) frenzy, several bigwigs of the crypto industry such as Voyager Digital and 3AC crumbled like a deck of cards.

Meanwhile, more recently, the implosion of FTX sent “rougue waves” across the crypto ecosystem triggering a severe liquidity crisis among a number of crypto firms. Leading cryptocurrency lender, BlockFi, is reportedly preparing for a possible bankruptcy filing due to the company’s “significant exposure” to FTX. Crypto lending firm, Genesis Global Capital has also issued a warning bell stating it will go bankrupt if it does not secure any funding. 

subhasish
subhasish
Subhasish is interested in all things crypto and finance. He switched from marketing to become a writer driven by the need to make sense of the dynamic market. He primarily focuses on on-chain data of Bitcoin, Ethereum, and the macroeconomic effects of crypto. Rock n’ Roll flows through these veins.
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