Despite FTX Collapse, Asia’s Matrixport Targets $1.5B Funding

• Asian crypto lender Matrixport is looking for $1.5 billion in funding.
• Matrixport is targeting $100 million in funding despite current market distress.
• The company announces zero insolvency risks.

Bloomberg has published an article discussing Asia’s biggest crypto lender Matrixport’s latest funding series. The company is seeking $100 million in funding at a higher valuation despite the current shakeout in the crypto market due to the downfall of Sam Bankman-Fried’s famous crypto exchange FTX.

According to people belonging to the inner circle who wish to not be identified, talk of securing $50 million at a valuation of $1.5 billion in the round, has been observed. Moreover, this is a raise from the $1 billion valuation from the previous year.

However, the deal is not yet finalized and there is negligible transparency on the lead investor of the round. Currently, Matrixport is on the lookout for investors for the other half of the round.

Meanwhile, Ross Gan, head of public relations at Matrixport confirmed the company’s motives for further fundraising,

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.

Founder and crypto billionaire Wu Jihan shares a history with firms planning to incorporate a similar model as Wall Street in the digital asset ecosystem. The firms offer a range of crypto financial services including custody for trading and structured products, across both institutional and retail markets.

While the rest of the crypto industry suffers from the aftermath of the FTX disaster, Matrixport brings assurance to its clients by announcing that the lender demonstrates no risk of insolvency. Nevertheless, customers across the platform faced losses due to exposure to products associated with FTX.