Crypto Lending Firm, Matrixport Seeks $100M Funding Despite Market Crisis
Matrixport, a crypto firm created by Wu Jihan, the co-founder of Bitmain, wants to raise about $100 million in a new funding round.
According to a recent Bloomberg report, lead investors have contributed over $50 million to its latest funding round. This funding will push the company’s valuation to $1.5 billion.
However, Matrixport has not yet finalized the deal. The company is reportedly searching for investors to complete the remaining fund.
Ross Gan, the company’s head of public relations, noted that this funding is part of the company’s agenda to drive its business as a crypto financial service provider.
Moreover, the company’s latest funding comes after the firm carried out a $100 million fundraising round last August. This funding pushed the company’s valuation to about $1 billion.
Major international VC firms like K3 Ventures, DST Global, and C Ventures led the August Series C funding. Other entities that contributed to the fundraising include Polychain, Tiger Global, A&T Capital, IDG Capital, Dragonfly Capital, Lightspeed, and others.
Meanwhile, Bloomberg data shows that Matrixport is responsible for transactions totaling $5 billion monthly. Also, the company manages and stores assets worth billions of dollars. Furthermore, over 300 employees are working for the company.
Matrixport was created in February 2019. The company is among the most prominent crypto lenders in Asia. Matrixport offers services for digital currencies, including custody and trading.
Matrixport Weathered Through The Crypto Market Crisis
The platform also offers stablecoin and cryptocurrency loans and zero-cost loans with liquidation protection and charges a 0% interest rate.
Furthermore, the crypto lender is among the very few that were not affected by the latest crypto market crisis. During the market crisis, several big names in the crypto lending industry went under.
Some of them include BlockFi, Hodlnaut, Voyager Digital, and Celsius. Most of these firms initially paused withdrawals on their platforms before filing for bankruptcy.
Meanwhile, Matrixport stated recently that the effect of the latest FTX crisis only had minimal impact on the company. It only witnessed a few issues after the crypto exchange crashed.
Five days after the FTX implosion, the crypto lender stated that about 79 of its customers lost their assets following the FTX saga. According to Matrixport, the affected assets include Victoria Bitcoin Fund Products and Bitcoin Fixed Income Products.
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