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New crypto lender Matrixport is looking to raise money

The cryptocurrency lending platform aims to raise $100 million, which will value it at $1.5 billion.

Despite a crypto landscape that looks like a field of ruins after the FTX affair and its systemic consequences, we have new players emerging, ultimately boosted by the surrounding climate. These actors attract capital despite the legitimate mistrust of investors.

Among these players, we have a new Singapore-based juggernaut emerging: Matrixport. It is currently organizing a crucial round of funding, $100 million, which would take it past the $1.5 billion mark in valuation. Matrixport is at the intersection of all the problematic roads of the present: it is a lender, a cryptobank, which in addition experienced problems with FTX, which it was exposed to, which affected its activity very hard for fixed rates.

But the group retains the confidence of investors and delivers quite spectacular numbers: 5 billion dollars in trading volume per month, 10 billion assets under management and 700 million dollars in outstanding loans. A great performance in the current context. It remains to be seen which hard assets all this is pledged against, but investors seem convinced. Ihan Wu, the head of Matrixport, is also the co-founder of Bitmain, the major bitcoin mining major. So there is a whole infrastructure behind the group.

Its upcoming $100 million seed round is already 50% secured, according to Matrixsport. A previous funding of the same amount was subscribed last August, in the middle of the crypto winter, right after the explosion of the Terra Luna ecosystem. The closing of this Matrixport funding will undoubtedly be a very important signal to test the appetite of investors in the coming months.

Antoine Larigaudrie edited by PA



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