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Cryptocurrencies: 24151
Markets: 92278
Market Cap: $3,597,361,398,400     
24h Vol: $316,655,814,603
Seeking Alpha 2022-11-25 16:05:48

Crypto lender Matrixport targets $100M funding at $1.5B value despite market turmoil

Crypto lender Matrixport targets $100M funding at $1.5B value despite market turmoil
Cryptocurrency lender Matrixport, which has $10B in assets under management and custody, is reportedly seeking to raise $100M at a valuation of $1.5B, even as the digital asset space undergoes a major downturn after the demise of crypto exchange FTX. Matrixport, founded by crypto billionaire Wu Jihan, has already received $50M in commitments from lead investors at the $1.5B value, according to a recent Bloomberg report that cited people with knowledge on the matter. The Singapore-based lender is still in search of backers for the other half of the funding round, the people added. Matrixport confirmed the news via Twitter. Wu is also the co-founder of Bitmain, the largest builder of bitcoin ( BTC-USD ) mining machines. He was said to have spun Matrixport off from Bitmain in 2019. In the aftermath of FTX's implosion, Turkey recently ordered to seize the assets of FTX founder Sam Bankman-Fried .
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