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Crypto lender Matrixport plans to raise $1.5B amid chaos in the FTX

Date: November 26, 2022 Meghna Singh Meghna Singh
Crypto lender Matrixport plans to raise $1.5B amid chaos in the FTX 
Matrixport Technologies Pte, a platform that provides one-stop blockchain-related services, is reportedly planning to raise $100 million in a funding round at a higher valuation regardless of the FTX reverberates fall across the digital asset market.



According to sources, the Singapore firm has received a funding commitment of $50 million at a valuation of $1.5 billion from a lead investor, which is up from $1 billion compared to last year.



The deal is yet to be finalized, with the firm looking out for investors to fund the other half, stated the source, who wishes to remain unidentified.



Apparently, it still needs to be made clear who the lead investors of the round are.



While confirming the fundraising plan, Matrixport's public relations head Ross Gan stated that the firm constantly engages with key stakeholders as a part of the routine activity of its business.



Ross further mentioned that the investors who are keen to participate and empower the firm's vision to become a digital asset financial services provider are also included in this activity.



In recent months, investors have encountered a series of high-profile crypto failures, generating concerns over a lack of guardrails to protect client assets and loose regulation of the industry.



After FTX'a collapse, Matrixport released a statement stating that it holds no risk of insolvency regarding Sam Bankman-Fried's empire. However, several of its customers suffered huge losses through exposure to FTX-linked products on its platform.



For the unversed, Matrixport, established by billionaire Wu Jihan, is associated with the class of firms willing to bring a familiar Wall Street formula to the virtual-asset landscape.



It provides financial services, spanning custody to trading as well as structured products, to retail and institutional customers.



According to credible sources, in the APAC region, the firm competes with companies like the world's leading comprehensive crypto financial service provider Babel Finance and leading digital asset company backed by Temasek Holdings, Amber Group.



Source credit - https://www.moneycontrol.com/news/world/crypto-lender-seeks-1-5-billion-funding-value-despite-ftx-chaos-9598501.html

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.