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

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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 buyers 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 buyers for the opposite half of the spherical.

In accordance with the corporate, the brand new spherical is a part of Matrixport’s ordinary funding agenda. “Matrixport routinely engages with key stakeholders as a part of its regular course of enterprise, together with buyers eager to take part and allow our imaginative and prescient as a digital belongings monetary providers supplier,” the agency’s public relations head Ross Gan stated.

Matrixport’s new funding comes a yr after the agency carried out a $100 million Collection C funding spherical carried out 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 business buyers like Tiger World, Qiming Enterprise Companions, CE Innovation Capital, A&T Capital, alongside current buyers like Polychain, Dragonfly Capital, Lightspeed, IDG Capital and others.

In accordance with Bloomberg knowledge, 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 folks.

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

Matrixport is certainly 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 yr as a result of ongoing bear market and the related disaster of cryptocurrency lending.

Associated: Crypto lender Hodlnaut reportedly faces police investigation in Singapore

Wu’s crypto firm additionally stated that it wasn’t an excessive amount of affected by the ongoing FTX contagion, reporting just a few points as a result of crash of Sam Bankman-Fried’s crypto alternate. 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 Mounted Earnings Merchandise and Victoria BTC Fund Merchandise.

“We would wish 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 circulate are segregated,” the agency said.