Crypto Lender Matrixport Seeks Funding at $1.5B Valuation Despite FTX Crash

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• Matrixport already secured $50 million in funding.
• They are targeting a valuation of $1.5 billion, up from $1 billion in the last round.

Crypto financial services company Matrixport is reportedly seeking $100 million in new financing at a valuation of $1.5 billion.

Jihan Wu’s Singapore-based crypto lender reportedly already has commitments for $50 million in investment. The crypto lending giant apparently confirmed the news in a tweet.

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We're excited and look forward to engaging with participants, on similar terms, in the other half of the #funding round.Appreciate the trust and confidence our investors continue have in Team #Matrixport.@business https://t.co/DqQhsYucUy

— Matrixport (@realMatrixport) November 25, 2022

Matrixport is a crypto lending service with its headquarters located in Singapore. The company offers crypto financial services to both institutional and retail investors.

The company told investors that its platform has $5B in monthly trading volume and some 300 employees. Moreover, it also boasted tens of billions of dollars in assets under management and custody.

“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,” the company's public relations head said about the funding plan.

Investors Still Shook Over FTX Collapse

The news comes as the crypto market remains volatile following the recent bankruptcy of Sam Bankman-Fried’s FTX, one of the largest crypto exchanges in the world. The FTX collapse shook institutional confidence, causing many investors to pull out of the crypto space. Lack of proper regulation and oversight remain among the chief concerns for investors.

Earlier this month, Matrixport said that it has no risk of insolvency due to the collapse of FTX and market maker Alameda Research.

In its earlier round, Matrixport raised $100 million at a $1 billion valuation. Multiple venture firms invested, including DST Global, Tiger Global, IDG Capital, and Dragonfly Capital.

Matrixport was founded in 2019 by Jihan Wu, the billionaire founder of the Chinese crypto mining manufacturer Bitmain Technologies. The company was created from a lending arm of Bitman after the chipmaking conglomerate ran into liquidity issues.

On the Flipside

• The figures about Matrixport’s performance come from the company’s documents intended for investors.

Why You Should Care

The funding round at such a large valuation could be a sign that investors are not writing off crypto yet.

Read about Wu’s crypto-mining hardware manufacturing venture:

Marathon Pays Record $879 Million for Bitcoin Mining Hardware

Learn about what the FTX collapse could mean for crypto:

JPMorgan (NYSE:JPM): FTX Collapse Could Help Move Crypto Forward

See original on DailyCoin