The cryptocurrency lending platform aims to raise $100 million, which is valued at $1.5 billion.
Although the crypto landscape looks like a field of ruins after the FTX case and its systemic consequences, we have new players emerging, ultimately strengthened by the surrounding climate. These players are raising capital despite the legitimate distrust of investors.
Among these players we have a new giant based in Singapore: Matrixport. He is currently arranging a crucial $100 million funding round that will take him past the $1.5 billion valuation. Matrixport is at the crossroads of all problematic paths at the moment: it is a lender, a crypto bank, which, in addition, has experienced problems with the FTX it has been exposed to, which has had a very strong impact on its fixed rate activities.
But the group retains investor confidence and is posting some pretty impressive numbers: $5 billion in monthly trading volumes, $10 billion in assets under management and $700 million in outstanding loans. An excellent performance under the current conditions. It remains to be seen what hard assets all this is invested in, but investors seem to be confident. Yihan Wu, head of Matrixport, is also the co-founder of Bitmain, a major bitcoin mining company. So there is a whole infrastructure behind the group.
His upcoming $100 million seed round is already 50% insured, according to Matrixsport. The previous funding for the same amount was signed in August last year, in the midst of the crypto winter, right after the explosion of the Terra Luna ecosystem. The closing of this Matrixport funding will no doubt be a very important signal to test investor appetite in the coming months.