1 year ago
Matrixport, the cryptocurrency steadfast founded by Bitmain co-founder Wu Jihan, is successful the process of raising $100 cardinal backing contempt the ongoing crypto marketplace crisis.
Lead investors person already committed $50 cardinal for Matrixport’s caller backing circular astatine a $1.5 cardinal valuation, Bloomberg reported connected Nov. 25. The woody has yet to beryllium finalized arsenic Matrixport is inactive looking for investors for the different fractional of the round.
— Matrixport (@realMatrixport) November 25, 2022According to the company, the caller circular is portion of Matrixport’s accustomed backing agenda. “Matrixport routinely engages with cardinal stakeholders arsenic portion of its mean people of business, including investors keen to enactment and alteration our imaginativeness arsenic a integer assets fiscal services provider,” the firm’s nationalist relations caput Ross Gan said.
Matrixport’s caller backing comes a twelvemonth aft the steadfast conducted a $100 cardinal Series C backing circular conducted successful August 2021, becoming a unicorn with a $1 cardinal valuation.
The fundraise was led by large planetary task superior firms, including DST Global, C Ventures and K3 Ventures. Other contributors successful the circular included large manufacture investors similar Tiger Global, Qiming Venture Partners, CE Innovation Capital, A&T Capital, alongside existing investors similar Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.
According to Bloomberg data, Matrixport handles $5 cardinal of trades each period and has tens of billions of dollars of assets nether absorption and custody. The steadfast reportedly employs adjacent to 300 people.
Established successful February 2019, Matrixport is 1 of the largest cryptocurrency lenders successful Asia, offering a wide scope of crypto services, including trading and custody. The institution besides offers cryptocurrency and stablecoin loans, arsenic good arsenic zero-cost loans with a 0% involvement complaint and liquidation protection.
Matrixport is 1 of fewer crypto lending platforms that look to person not been affected by the ongoing situation of cryptocurrency lending. As antecedently reported by Cointelegraph, immoderate of the biggest crypto lending platforms including Celsius and BlockFi person faced large issues this twelvemonth owed to the ongoing carnivore marketplace and the associated situation of cryptocurrency lending.
Related: Crypto lender Hodlnaut reportedly faces constabulary probe successful Singapore
Wu’s crypto institution besides said that it wasn’t excessively overmuch affected by the ongoing FTX contagion, reporting a fewer issues owed to the clang of Sam Bankman-Fried’s crypto exchange. On Nov. 11, Matrixport reported that 79 of its users suffered losses successful the aftermath of FTX issues, adding that the affected products included the BTC Fixed Income Products and Victoria BTC Fund Products.
“We would request to stress that Matrixport’s products are taxable to strict segregation from 1 different truthful that a azygous impacted merchandise volition not impact the different products arsenic the underlying plus and money travel are segregated,” the steadfast stated.
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