Crypto Lender Matrixport Seeks $100M Funding at $1.5B Valuation: Report

Singapore-based crypto lending platform Matrixport Technologies is seeking $100 million in funding at a $1.5 billion valuation, according to a report by Bloomberg on Friday, citing people familiar with the matter.

Matrixport Secures $50M From Lead Investors

The report said Matrixport has already received $50 million from lead investors in the round, adding that the deal is yet to be finalized and that the firm is still seeking investors for the other half of the round. The lead investors were not mentioned in the report.

“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 asset financial services provider,” the company’s public relations head Ross Gan said, confirming the fundraising plan.

Founded 3 years ago by former Bitmain co-founder Jihan Wu, Matrixport is a digital asset financial services platform that enables users to invest, trade, and leverage their crypto assets.

In terms of growth, Matrixport says it has approximately $10 billion in assets under management and custody, processes $5 billion in average monthly trading volumes, and has about 300 employees serving clients in Asia and Europe.

A year ago, Matrixport raised $100 million at a $1 billion valuation in a series C funding round led by partners of DST Global, C Ventures, and K3 Ventures. If successful, the newly reported fundraiser will bring the company’s total funding to date to $200 million at an increased valuation.

No Insolvency Risk Amid FTX Collapse

The latest development comes at a time when the crypto market is witnessing major turbulence which was triggered by microeconomic conditions, Terra’s collapse in mid-May, and even worsened by the most recent FTX dramatic fall.

While several crypto lenders, including BlockFi and Genesis, are struggling to stay afloat in the wake of the FTX collapse, Matrixport stated that there is no risk of insolvency due to the collapse. However, the lending platform added that its clients suffered losses through exposure to FTX-linked products on its platform.