Matrixport seeks $100M despite market turmoil.

Matrixport is a cryptocurrency company that was established by Wu Jihan, who is also the co-founder of Bitmain. The company is looking to raise around one hundred million dollars in a fresh investment round.

 

A report that was published by Bloomberg not too long ago stated that lead investors had committed more than $50 million to its most recent investment round. Because of this cash, the company's valuation will increase to $1.5 billion.


Despite this, Matrixport has not yet put the finishing touches on the deal. It has been stated that the firm is looking for investors in order to fill out the remaining capital.

According to Ross Gan, who is in charge of public relations for the company, this money is part of the company's plan to advance its business as a provider of crypto financial services.


In addition, the most recent funding for the company comes after the company successfully completed a fundraising round for $100 million in August of last year. The amount of money brought the company's valuation up to almost one billion dollars.

During the month of August, the Series C fundraising was driven by major international VC companies such as K3 Ventures, DST Global, and C Ventures. Polychain, Tiger Global, AT Capital, IDG Capital, Dragonfly Capital, and Lightspeed are just some of the other companies that contributed to the fundraising effort. Other companies that donated include:

In the meanwhile, data provided by Bloomberg demonstrates that Matrixport is responsible for monthly transactions up to $5 billion. Additionally, the organization is responsible for the management and storage of assets worth several billions of dollars. In addition, there are more than 300 people now employed by the firm.

In February of 2019, Matrixport was brought into existence. The business is recognized as one of the most important crypto lenders in Asia. Matrixport is a company that provides several services related to digital currencies, such as custody and trading.


The turmoil on the cryptocurrency market was no match for Matrixport.

Additionally, the platform makes available loans denominated in stablecoins and cryptocurrencies, as well as zero-cost loans with liquidation protection that carry no interest charge.

In addition, the cryptocurrency lender is one of the very few that was unaffected by the most recent crisis that occurred on the cryptocurrency market. Several prominent companies in the cryptocurrency lending industry went bankrupt as a result of the market crisis.

BlockFi, Hodlnaut, Voyager Digital, and Celsius are just a few of the companies that fall into this category. Before declaring bankruptcy, the majority of these companies initially suspended withdrawals from their respective platforms.


Matrixport recently stated that the company was only affected minimally by the most recent FTX crisis. Matrixport made this statement not too long ago. After the cryptocurrency exchange failed, it encountered a limited number of problems.

Five days after the collapse of FTX, a cryptocurrency lender announced that approximately 79 of its customers had suffered financial losses as a direct result of the FTX saga. Matrixport claims that Bitcoin Fixed Income Products and Victoria Bitcoin Fund Products are among the assets that have been negatively impacted by this.


Orizu Ebube

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