Matrixport Technologies Pte, certainly considered one among Asia`s largest crypto lenders, is targeting $100 million in investment at a better valuation, while the autumn of FTX reverberates throughout the digital asset market.
The Singapore outfit has commitments from lead traders for $50 million at a valuation of $1.5 billion withinside the round, up from $1 billion a year earlier, in line with humans acquainted with the matter. The deal has but to be finalized and the organisation remains in search of traders for the alternative other half of of the round, stated the humans, asking now no longer to be recognized discussing non-public information. It`s now no longer right now clean who the round`s lead traders are.
“Matrixport mechanically engages with key stakeholders as a part of its everyday path of business, inclusive of buyers eager to take part and allow our imaginative and prescient as a virtual belongings monetary offerings provider,” the company`s public members of the family head Ross Gan said, confirming the fundraising plan.
Matrixport, founded by crypto billionaire Wu Jihan, is a company that is trying to bring the famous Wall Street system to the open financial sector. It offers crypto currency services, from holdings to trading and customized products, for both corporate and retail customers. In Asia, it competes with companies such as Babel Finance, which is recovering after being hit by this year’s crypto meltdown, and Amber Group, which is backed by Temasek Holdings Pte.
Investors have been rattled by a string of high-profile crypto failures in the past few months, sparking new concerns about corrupt industry standards and lack of safeguards to protect clients’ assets. After the failure of FTX, Matrixport said that this month there is no risk of bankruptcy from the empire of Sam Bankman-Fried, but many of its clients suffered losses due to the exposure of products related to FTX on its platform.
Matrixport says it handles $5 billion in monthly business and has tens of billions of dollars in assets under management and custody, according to an investment filing seen by Bloomberg News. The company employs nearly 300 people, it says.
Wu, the founder of crypto mining giant Bitmain Technologies Ltd., turned his second project into a unicorn last summer when Matrixport raised more than $100 million from backers including DST Global and Tiger Global. Matrixport also counts IDG Capital and Dragonfly Capital as investors.
Wu split Matrixport from Bitmain in 2019, when the world’s largest Bitcoin mining developer went bankrupt. The Chinese crypto mogul is currently the CEO of Matrixport and his mining company Bitdeer Technologies Holding Co.