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HomeCryptocurrencyCrypto lender Matrixport seeks $100M funding regardless of lending disaster

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

Matrixport, the cryptocurrency agency based by Bitmain co-founder Wu Jihan, is within the means 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 continues to be searching for traders for the opposite half of the spherical.

Based on the corporate, the brand new spherical is a part of Matrixport’s traditional 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 belongings monetary companies supplier,” the agency’s public relations head Ross Gan stated.

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

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

Based on Bloomberg information, Matrixport handles $5 billion of trades every month and has tens of billions of {dollars} of belongings below administration and custody. The agency reportedly employs near 300 individuals.

Established in February 2019, Matrixport is without doubt one of the largest cryptocurrency lenders in Asia, providing a variety of crypto companies, together with buying and selling and custody. The corporate additionally provides cryptocurrency and stablecoin loans, in addition to zero-cost loans with a 0% rate of interest and liquidation safety.

Matrixport is one in all few crypto lending platforms that seem to haven’t been affected by the continued disaster of cryptocurrency lending. As beforehand reported by Cointelegraph, among the greatest crypto lending platforms together with Celsius and BlockFi have confronted main points this yr because of the ongoing bear market and the related disaster of cryptocurrency lending.

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Wu’s crypto firm additionally stated that it wasn’t an excessive amount of affected by the continued FTX contagion, reporting a couple of points because of the crash of Sam Bankman-Fried’s crypto change. 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 Earnings 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 is not going to have an effect on the opposite merchandise because the underlying asset and fund movement are segregated,” the agency acknowledged.