Singapore crypto lender aims $1.5-billion value, thanks to Wall Street formula: Report

Matrixport Technologies Pte, one of Asia’s biggest crypto lenders, is targeting $100 million in funding at a higher valuation, even as the fall of FTX reverberates across the digital asset market.

The Singapore outfit has commitments from lead investors for $50 million at a valuation of $1.5 billion in the round, up from $1 billion a year earlier, according to people familiar with the matter. The deal has yet to be finalized and the company is still seeking investors for the other half of the round, said the people, asking not to be identified discussing private information. It’s not immediately clear who the round’s lead investors are.

“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,” the company’s public relations head Ross Gan said, confirming the fundraising plan.

Matrixport, founded by crypto billionaire Wu Jihan, belongs to a class of firms trying to bring a familiar Wall Street formula to the virtual-asset landscape. It offers crypto financial services from custody to trading and structured products — to both institutional and retail customers. In Asia, it competes with firms like Babel Finance, which is restructuring after taking hits from this year’s crypto meltdown, and Temasek Holdings Pte.-backed Amber Group.

Investors have been burned by a series of high-profile crypto failures in recent…

Read more at news.google.com

Leave a Reply

Your email address will not be published. Required fields are marked *


*

Join the Community