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One of Asia’s greatest cryptocurrency lenders Matrixport Technologies Pte is seeking to elevate a staggering $100 million in recent funding at a $1.5 billion valuation. This improvement comes at a time when main crypto lenders like BlockFi and Genesis have been dealing with an enormous liquidity crunch amid the FTX collapse.

The Singapore-based crypto lender mentioned that they’ve a dedication of a minimum of price $50 million from lead traders. Despite the crypto winter this yr, the corporate is eyeing a valuation of $1.5 billion, 50% up from $1 billion final yr, mentioned individuals accustomed to the matter.

The deal nonetheless must be finalized as the corporate is searching for traders for the opposite half of the spherical. Ross Gan, the corporate’s public relations head additionally confirmed the fundraising plan. He mentioned:

“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”.

Matrixport Technologies has been based by crypto billionaire Jihan Wu. The firm affords a variety of various crypto companies equivalent to buying and selling, custody, and structured merchandise, to retail in addition to institutional gamers.

In Asia, it competes with gamers like Babel Finance, which too confronted a liquidity crisis amid the collapse of the Terra ecosystem earlier this yr.

Crypto Lender Failures This Year

The crypto winter of 2022 and the collapse of key gamers like Terra and FTX have pushed crypto lenders to the sting. Amid these high-profile crypto failures, there have been main considerations over free regulatory measures and a scarcity of guard rails to guard traders’ digital belongings.

However, Matrixport mentioned that it has no danger of insolvency following the FTX collapse. However, dozens of its prospects have incurred extreme losses owing to their publicity to FTX. Matrixport mentioned that it handles $5 billion price of crypto trades each month. Additionally, it additionally has tens of billions of {dollars} in belongings below administration and custody, reports Bloomberg.

Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.