- Financial backers have pledged at least $50 million to the crypto lender.
- Jihan Wu, a crypto billionaire, established Matrixport Technologies.
Matrixport Technologies Pte, one of Asia’s largest crypto lenders, is attempting to seek $100 million in new capital at a $1.5 billion value. Due to the FTX crash, big crypto lenders like BlockFi and Genesis have been experiencing a severe shortage of available funds.
Financial backers have pledged at least $50 million to the Singapore-based cryptocurrency lender. People acquainted with the subject have said that the firm is still planning on a valuation of $1.5 billion, which is a 50% increase from last year’s $1 billion.
Routine Engagement With Stakeholders
There is still work to be done to conclude the transaction, as the firm is still on the lookout for investors to fund the remaining 50% of the financing. Company public reactions Ross Gan confirmed the fundraising strategy.
“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”.
Jihan Wu, a crypto billionaire, established Matrixport Technologies. The business caters to both individual customers and larger institutions with its suite of crypto services, which includes trading, custody, and structured products. Babel Finance, another major participant in Asia, also had a liquidity issue this year when the Terra ecosystem collapsed.
As a result of the crypto winter of 2022 and the fall of major businesses like Terra and FTX, crypto lenders are on the brink. There have been substantial worries regarding lax regulatory procedures to safeguard investors’ crypto funds post these high-profile crypto disasters.
Recommended For You:
Will the Downfall of CeFi Lead to DeFi Adaptation?