Despite the current crypto market crisis, Bitmain co-founder Wu Jihan’s crypto platform, Matrixport, is in the process of acquiring $100 million in funding.
On November 25, Bloomberg reported that lead investors had contributed $50 million to Matrixport’s fresh funding round at a $1.5 billion value. Matrixport has yet to secure the remaining funding it needs to close the purchase. Ross Gan, the company’s public relations head asserted about the fundraising program:
“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.”
Big names in the VC industry like DST Global, C Ventures, and K3 Ventures backed the financing effort. Existing investors such as Polychain, Dragonfly Capital, Lightspeed, IDG Capital, and others joined new industry big names such as Tiger Global, Qiming Venture Partners, CE Innovation Capital, and A&T Capital in contributing to the round.
A year after raising $100 million in a Series C funding round in August 2021, making it a unicorn with a $1 billion valuation.
The company shared:
“We would need to emphasize that Matrixport’s products are subject to strict segregation from one another so that a single impacted product will not affect the other products as the underlying asset and fund flow are segregated.”
Matrixport Expands Crypto Lending Activity
Additionally, Bloomberg Data indicates that each month Matrixport processes $5 billion in trades, it manages and stores tens of billions of dollars’ worth of assets. There are supposedly around 300 workers at the company.
Matrixport appears to be one of the few cryptocurrency lending platforms that has not been directly affected by the current cryptocurrency lending crisis. According to previous reports, large crypto lending companies like Genesis and BlockFi have had significant difficulties this year as a result of the continuous bear market and FTX demise.