## Crypto Lender Matrixport Secures $100 Million Funding Despite Lending Challenges
Matrixport, a crypto company established by Wu Jihan, co-founder of Bitmain, is currently raising $100 million in funding despite the tough times in the cryptocurrency market.
Initial investors have already pledged $50 million for Matrixport’s latest funding cycle, valuing the company at $1.5 billion, as revealed by Bloomberg on Nov. 25. The deal is still in progress as Matrixport is seeking additional investors for the remaining $50 million.
Matrixport shared that this funding round is part of their regular fundraising activities. Ross Gan, the firm’s head of public relations, mentioned, “Matrixport regularly collaborates with major stakeholders, including investors who are eager to support and realize our goal as a provider of digital assets financial services.”
This infusion of capital comes just a year after Matrixport successfully completed a Series C funding round of $100 million in August 2021, achieving a unicorn status with a valuation of $1 billion.
The Series C round was led by prominent global venture capital firms such as DST Global, C Ventures, and K3 Ventures. Noteworthy participants in the round included established industry players like Tiger Global, Qiming Venture Partners, CE Innovation Capital, A&T Capital, as well as existing investors like Polychain, Dragonfly Capital, Lightspeed, and IDG Capital.
Matrixport oversees around $5 billion in monthly trades and manages assets worth tens of billions of dollars while employing nearly 300 individuals, as per Bloomberg data.
Established in February 2019, Matrixport is a leading crypto lender in Asia, providing a broad spectrum of crypto services ranging from trading to custody. The company offers crypto and stablecoin loans, in addition to zero-cost loans with 0% interest and protection against liquidation.
Unlike several other crypto lending platforms that have been impacted by the current crisis, Matrixport has managed to remain resilient. Notably, major platforms like Celsius and BlockFi have encountered significant challenges this year due to the ongoing bear market and associated lending issues.
Matrixport also noted minimal impact from the recent FTX incident, which affected several users due to the crash of Sam Bankman-Fried’s crypto exchange. The company reported that 79 users experienced losses related to affected products like the BTC Fixed Income and Victoria BTC Fund Products.
The company emphasized the segregation of its products to prevent the impact on other assets in case of issues, stating, “Matrixport’s products are strictly separated to ensure that issues in one product do not affect others, as the underlying assets and funds are kept separate.”
**Image Source:** Rabanser / Shutterstock
