Xu Jiandong, co-founder of Bitmain, the world’s largest crypto miner, and Jihan Wu, the company’s former CEO, have announced that Matrixport, their decentralised finance (DeFi) lender, is looking to raise $100 million in its latest funding round at a $1.5 billion valuation.
Matrixport’s Series B funding is set to become the biggest funding round for a DeFi platform to date. The funding will enable Matrixport to develop more features for its existing services and provide more efficient protocols for DeFi lenders.
What is Matrixport?
Matrixport is a digital financial services provider specialising in cryptocurrency. Founded in early 2019 and headquartered in Singapore, Matrixport is a gateway to the digital asset economy, bridging the traditional digital world with blockchain-based assets. With its innovative financial services, Matrixport enables users from around the world to take advantage of digital assets to unlock new opportunities and meet their goals for wealth management.
Matrixport is committed to providing secure and efficient solutions for everyone’s asset management needs, including both retail and institutional customers. The company harnesses the nascent technology of blockchain to provide services such as crypto lending & borrowing, staking & yield farming, over-the-counter (OTC) trading desks, funds custody services, and more. The company asserts that its offerings are the most secure and reliable way to access these transactions.
To further expand its suite of products, Matrixport is reportedly raising $100 million in a Series C funding round. The company will use this money to fuel product development, increase user acquisition, and integrate with strategic partners worldwide.
What is the news?
This week, Singapore-based crypto lender Matrixport announced that it has closed a $100M fundraising round. The capital came from several firms, including Three Arrows Capital, Hopeshine Ventures and blockchain investment company NGC.
Matrixport is an online crypto lending platform that focuses on providing custodial services and lending products to the blockchain community.
The funding will be used to develop Matrixport’s technology stack, which includes lending and borrowing protocols integrated with cryptocurrency exchanges worldwide. It will also expand its reach with new products including margin trading and leverage trading, as well as building out its core team globally.
Ultimately, this new funding should help to expand the platform’s presence in numerous countries across Asia, Europe and North America by making it easier for users to access their services through the native apps available for Android and iOS devices. In addition, this will help drive the growth of institutional adoption of digital assets by enabling users to seamlessly access loans and other financial products backed by digital money.
The Backstory
Matrixport, a crypto lender created by Jihan Wu, the former co-founder of Bitmain, is looking to raise $100 million at a $1.5 billion valuation.
This move speaks volumes about the current crypto market and the potential of this lender. But what is the backstory and the motivations behind this move? This article seeks to answer these questions and provide a clearer picture of the situation.
Matrixport’s rise to prominence
Matrixport is a digital asset financial service platform that has experienced tremendous growth over the past two years. Founded in 2018, Matrixport quickly became recognized as a leader in offering crypto lending solutions to institutional investors. Matrixport has bridged the gap between traditional financial ecosystems and disruptive blockchain-based protocols through an innovative technology platform and convenient digital asset finance services.
The platform’s offerings help to securely store, trade and lend digital assets with exceptional liquidity and convenience. Due to its highly sophisticated security protocols, state-of-the-art risk management system and comprehensive reporting capabilities, it’s become a go-to source for institutional investors looking for reliable solutions in cryptocurrency finance.
Now with the announcement of their planned $100M Series C round of fundraising, Matrixport looks well positioned to maintain its place at the top of this rapidly growing industry segment. In addition, the investment will give them further access to capital, which could fuel further expansion efforts or potentially acquisitions down the line. This will be an important milestone for not just Matrixport but also for other platforms trying to make a similar dent in this space moving forward.
Matrixport’s services
Matrixport is a digital asset-backed lending and borrowing platform that provides products and services for institutions, crypto exchanges and individual customers. Founded by former Bitmain co-founder Wu Jihan, the platform is backed by a consortium of venture capital funds.
Matrixport’s services include blockchain-powered proprietary over-the-counter (OTC) trading, fiat gateway solutions and algorithmic trading. The company also provides professional services such as loan portfolio management and operational support for major crypto projects like Libra, EOS and Ethereum 2.0.
Matrixport has recently set out to raise $100 million to accelerate its mission of “reinventing finance with blockchain technology” as part of its ongoing Series A round. The funding will be used to expand its product offerings into the broader markets such as decentralised finance (DeFi). This includes launching new protocols that can reduce financial risk while providing additional connectivity across different chains and networks to better secure transactions against attackers or malicious actors.
Additionally, Matrixport seeks to use this funding round for further adoption by investing heavily in product research and development, marketing campaigns, regional expansion across Asia Pacific as well as penetration into new markets around the globe such as Europe and Latin America:
- Product research and development
- Marketing campaigns
- Regional expansion across Asia Pacific
- Penetration into new markets around the globe such as Europe and Latin America
Jihan Wu’s Crypto Lender Matrixport Looks to Raise $100M at $1.5B Valuation
Crypto lender Matrixport, backed by Jihan Wu, is reportedly looking to raise $100 million in a fundraising round. The new infusion of capital will value the company at a staggering $1.5 billion. This fundraising round will help Matrixport fuel its growth and expand its offerings.
Let’s take a closer look at this fundraising round and explore why Matrixport is seeking this investment.
What is the goal?
Matrixport, a cryptocurrency financial services platform that provides lending and custody services, recently announced their plans to raise up to $100 million in their latest fundraising round. The company offers various products, from institutional crypto-lending services to online wallets and securing important digital assets for customers.
Matrixport’s newly announced fundraising goal is to ensure the company’s future growth and expand its presence in the global market. To accomplish this goal, Matrixport will use the funds to support its product innovation to extend its services into new markets and geographical locations. In addition, the money will also go towards funding customer acquisition initiatives such as marketing campaigns and customer loyalty programs.
Matrixport CEO Jiang Xingyu believes this effort will increase customer satisfaction by providing more robust financial infrastructure for individuals or businesses who want greater access to crypto assets. Matrixport plans on achieving its goals by leveraging its partnership with Farfetch, a SaaS platform that facilitates shopping between boutiques worldwide. Furthermore, Matrixport plans on strengthening its collaborations with angel investors who can help them expand further into different industries worldwide.
Who are the investors?
Matrixport, the world’s first cross-chain digital asset lender that offers crypto lending services, has just announced its fundraising round of USD 100M. Several major investors and existing shareholders in the company led the round.
The current investors of Matrixport include some of the world’s most reputable venture capital firms such as DST Global, IDG Capital, GFC (formerly Galen Fund) and Temasek. In addition, Matrixport also welcomed new strategic investors including GSR Capital and Arrington XRP Capital (representing Michael Arrington).
The success of this funding round demonstrates Matrixport’s growing influence in the blockchain space. The company’s innovative technology drew attention from investors worldwide, which enabled them to raise a large sum of capital to help grow their business further.
Matrixport is looking ahead towards future development opportunities with plans to utilise this newly acquired capital to strengthen their position in the market, develop core technology capabilities and expand their user base globally. By seeking partnerships with powerful blockchain influencers and big institutional players, Matrixport is well on track for a successful year in 2020 with ambitions for even more growth moving forward.
What is the valuation?
The valuation of a fundraising round is the amount at which a venture capital or other investors value an organisation, such as a startup, to invest in it. Potential investors need to understand the terms associated with valuing an organisation, as these terms often have significant implications for their return on investment. Generally, if a company’s valuation is above its peers, it could indicate that investor sentiment and market conditions are more favourable than those of its peers.
Valuation is typically determined by factors such as:
- the value of existing assets and liabilities (the balance sheet),
- revenue and profits (the income statement),
- technology innovations,
- industry trends,
- the track record of key executives involved,
- prospects outlined in the business plan or pitch deck, and
- financials provided by both parties (pre-money versus post-money).
Additionally, qualitative measures such as customer satisfaction and brand recognition can influence valuations. Ultimately though it often comes down to supply/demand dynamics and number crunching related to liquidity events like IPO’s or acquisitions that determine where valuations ultimately land.
The Implications
Crypto lender Matrixport, founded by Jihan Wu and Ge Yuesheng, is looking to raise $100M in its latest funding round, said to value the company at $1.5B. This is a huge development for the company and has large implications for crypto lending.
Let’s explore some of these implications:
What does this mean for the crypto lending industry?
Last month, the $100 million fundraising round secured by Matrixport indicated that the crypto lending industry is maturing and becoming a more viable alternative for traditional lenders. This could potentially open up new avenues for crypto-based businesses to discover innovative ways to access finance and other services provided by Matrixport.
From an economic standpoint, the move signals that investors are bullish on the outlook of the cryptocurrency markets and eagerly anticipate more room for growth in the future. This is particularly evident in terms of scalability – as more companies join this space, they will require access to higher funds and additional venues to facilitate secure capital borrowing. By partnering with reputable lending platforms like Matrixport, they will be able to gain much needed capital at competitive interest rates which can help fuel their businesses in future.
This move also has implications on industry maturity. The institutional inflow of funds confirms that this market has real prospects for innovation and stability. From traditional lenders to large banks, it’s clear that many financial institutions are taking growing curiosity in cryptocurrency related markets – with many well-renowned investors now urging people to diversify into these assets. With growing investor confidence and increasing adoption rates, there is a growing realisation within the sector about how essential it is for institutional level finance firms to enter into this space and create robust connections between traditional lines of credit, cryptocurrencies and blockchain networks in order set standards across exchanges making them more reliable over time.
What does this mean for Matrixport?
Raising $100 million in a Series A financing by crypto lender Matrixport showcases what ambitious plans the company has set out for itself. This round of funding was led by high profile investors like Polychain Capital, Andreessen Horowitz, and Sequoia China, who see great potential in Matrixport’s innovative lending model.
The funds will help Matrixport expand their services beyond traditional cryptocurrency lending and into other financial products such as stablecoins, digital asset storage, trading services and the development of derivatives products. The renewed capital also helps solidify Matrixport’s standing as one of the world’s leading crypto lenders.
For a comprehensive lending offering within the crypto sector, this fresh infusion of cash will help Matrixport offer its customers unrivalled financial products for all stages of their cryptocurrency journey. It also puts Matrixport on the map as an up-and-coming player in an industry dominated by incumbents who have been around far longer than themselves.
In addition to expanding its product offerings, this new injection of capital can also strengthen their marketing efforts for greater recognition and wider appeal with current and prospective clients.
This latest financing round is just another example that businesses are starting to take advantage of technological advancements driven by blockchain technology, facilitating faster global payment formats while significantly lowering processing costs – something which could benefit companies ranging from banks to businesses across various sectors.
tags = looking to raise $100 million at a $1.5 billion valuation, singapore-based firm already has commitments, bitmain jihan 100m serieshuangbloomberg, matrixport wu jihan serieshuangbloomberg, matrixport jihan 100m serieshuangbloomberg, bitmain wu jihan serieshuangbloomberg, matrixport bitmain wu jihan serieshuangbloomberg, matrixport bitmain jihan serieshuangbloomberg, matrixport bitmain wu jihan 100m serieshuangbloomberg, jihan 100m serieshuangbloomberg, bitmain jihan serieshuangbloomberg, matrixport jihan serieshuangbloomberg, bitcoin mining rigs, world’s largest manufacturer of bitcoin mining rigs
About Author
