The Jihan Wu-led crypto lending company Matrixport seeks to fund $100 million at a $1.5 billion value.
According to Bloomberg on Friday, the Singapore-based company already has commitments for $50 million from lead investors at a very high valuation but is still looking for investors for the other half of the round.
We’re excited and look forward to engaging with participants, on similar terms, in the other half of the #funding round.
Appreciate the trust and confidence our investors continue have in Team #Matrixport.@business 📰👇https://t.co/DqQhsYucUy
— Matrixport (@realMatrixport) November 25, 2022
The crypto market has been in severe turbulence over the last few months as various cryptos have experienced steep drops from their highs from last year. Babel Finance, a rival of Matrixport in Asia, has undergone reorganization to address a liquidity crisis.
The issue only got worse after the collapse of the crypto exchange FTX, which impacted Matrixport’s fixed-income product.
In August 2021, Matrixport completed a $100 million Series C financing headed by DST Global, C Ventures, and K3 Ventures, valuing the company at $1 billion.
According to the company’s website, there are $700 million in outstanding loans, $10 billion in assets under management and custody, and $5 billion in monthly trading volume. According to its LinkedIn profile, Matrixport serves people and over 500 institutions across Asia and Europe and holds licenses in Hong Kong and Switzerland.
Wu is the chairman of Matrixport and the co-founder of Bitmain, the world’s largest producer of bitcoin mining equipment.