Jihan Wu's Crypto Lender Matrixport Looks to Raise $100M at $1.5B Valuation

Matrixport has $5 billion in trading volume every month, along with $10 billion in assets under management and custody.

AccessTimeIconNov 25, 2022 at 8:36 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto lending firm Matrixport, led by Jihan Wu, is looking to raise $100 million at a $1.5 billion valuation.

The Singapore-based firm already has commitments for $50 million from lead investors at the sky-high valuation, but is still looking for investors for the other half of the round, Bloomberg reported on Friday citing anonymous sources. The lending firm seemed to confirm the news by tweeting out the article.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • The crypto industry has been in major turmoil in the past few months as various cryptos have seen sharp declines compared to last year highs. Matrixport competitor in Asia Babel Finance has been restructuring to deal with a liquidity crunch.

    The trouble only intensified with the bankruptcy of crypto exchange FTX. Matrixport's fixed income offering was affected by FTX's collapse.

    Matrixport closed a $100 million Series C round in August 2021 that valued it at $1 billion, led by DST Global, C Ventures and K3 Ventures.

    The firm sees $5 billion in monthly trading volume, counts $10 billion in assets under management and custody, as well as $700 million in outstanding loans, according to its website. Matrixport "serves individuals as well as over 500 institutions across Asia and Europe" and has licenses in Hong Kong and Switzerland, according to its LinkedIn.

    Wu is the co-founder of Bitmain, the world's largest manufacturer of bitcoin mining rigs, and the chairman of Matrixport.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.