HomeCryptoCrypto lender Matrixport seeks $100M funding regardless of lending disaster | NEWSRUX

Crypto lender Matrixport seeks $100M funding regardless of lending disaster | NEWSRUX

Matrixport, the cryptocurrency agency based by Bitmain co-founder Wu Jihan, is within the strategy of elevating $100 million funding regardless of the continued crypto market disaster.

Lead traders have already dedicated $50 million for Matrixport’s new funding spherical at a $1.5 billion valuation, Bloomberg reported on Nov. 25. The deal has but to be finalized as Matrixport remains to be in search of traders for the opposite half of the spherical.

In line with the corporate, the brand new spherical is a part of Matrixport’s common funding agenda. “Matrixport routinely engages with key stakeholders as a part of its regular course of enterprise, together with traders eager to take part and allow our imaginative and prescient as a digital property monetary companies supplier,” the agency’s public relations head Ross Gan mentioned.

Matrixport’s new funding comes a 12 months after the agency performed a $100 million Sequence C funding spherical performed in August 2021, changing into a unicorn with a $1 billion valuation.

The fundraise was led by main world enterprise capital corporations, together with DST International, C Ventures and K3 Ventures. Different contributors within the spherical included main business traders like Tiger International, Qiming Enterprise Companions, CE Innovation Capital, A&T Capital, alongside present traders like Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.

In line with Bloomberg knowledge, Matrixport handles $5 billion of trades every month and has tens of billions of {dollars} of property beneath administration and custody. The agency reportedly employs near 300 individuals.

Established in February 2019, Matrixport is likely one of the largest cryptocurrency lenders in Asia, providing a variety of crypto companies, together with buying and selling and custody. The corporate additionally affords cryptocurrency and stablecoin loans, in addition to zero-cost loans with a 0% rate of interest and liquidation safety.

Matrixport is considered one of few crypto lending platforms that seem to haven’t been affected by the continued disaster of cryptocurrency lending. As beforehand reported by Cointelegraph, a number of the largest crypto lending platforms together with Celsius and BlockFi have confronted main points this 12 months as a result of ongoing bear market and the related disaster of cryptocurrency lending.

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Wu’s crypto firm additionally mentioned that it wasn’t an excessive amount of affected by the continued FTX contagion, reporting just a few points as a result of crash of Sam Bankman-Fried’s crypto trade. On Nov. 11, Matrixport reported that 79 of its customers suffered losses within the aftermath of FTX points, including that the affected merchandise included the BTC Fastened Revenue Merchandise and Victoria BTC Fund Merchandise.

“We would want to emphasise that Matrixport’s merchandise are topic to strict segregation from each other so {that a} single impacted product won’t have an effect on the opposite merchandise because the underlying asset and fund movement are segregated,” the agency acknowledged.