Crypto Lender Seeks $1.5 Billion Funding Value Despite FTX Chaos

Bloomberg2022-11-25

Matrixport Technologies Pte, one of Asia’s biggest crypto lenders, is targeting $100 million in funding at a higher valuation, even as the fall of FTX reverberates across the digital asset market.The ...

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120PL
2022-11-25
120PL
Good luck.
Pluto891
2022-11-25
Pluto891
survival of fittest... just like dot.com era

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The deal has yet to be finalized and the company is still seeking investors for the other half of the round, said the people, asking not to be identified discussing private information. It’s not immediately clear who the round’s lead investors are.“Matrixport routinely engages with key stakeholders as part of its normal course of business, including investors keen to participate and enable our vision as a digital assets financial services provider,” the company’s public relations head Ross Gan said, confirming the fundraising plan.Matrixport, founded by crypto billionaire Wu Jihan, belongs to a class of firms trying to bring a familiar Wall Street formula to the virtual-asset landscape. It offers crypto financial services from custody to trading and structured products -- to both institutional and retail customers. In Asia, it competes with firms like Babel Finance, which is restructuring after taking hits from this year’s crypto meltdown, and Temasek Holdings Pte.-backed Amber Group.Investors have been burned by a series of high-profile crypto failures in recent months, sparking fresh concern over loose regulation of the industry and a lack of guardrails to protect client assets. In the aftermath of FTX’s collapse, Matrixport said this month it has no risk of insolvency with respect to Sam Bankman-Fried’s empire, but dozens of its customers incurred losses via exposure to FTX-linked products on its platform.Matrixport says it handles $5 billion of trades each month and has tens of billions of dollars of assets under management and custody, according to an investor deck viewed by Bloomberg News. 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