Crypto Lender Matrixport Seeks Funding at $1.5B Valuation Despite FTX Crash

Jihan Wu’s Asian crypto lending giant brushes off the FTX crash.

Jihan Wu next to sack full of cash in front of Matrixport logo
A section of this news story was updated. Reference was made to an investment from "DST Global" instead of the correct "DST Global Partners". We apologize for any confusion this may have caused.
  • Matrixport already secured $50 million in funding.
  • They are targeting a valuation of $1.5 billion, up from $1 billion in the last round.

Crypto financial services company Matrixport is reportedly seeking $100 million in new financing at a valuation of $1.5 billion.

Jihan Wu’s Singapore-based crypto lender reportedly already has commitments for $50 million in investment. The crypto lending giant apparently confirmed the news in a tweet.

Matrixport is a crypto lending service with its headquarters located in Singapore. The company offers crypto financial services to both institutional and retail investors.


The company told investors that its platform has $5B in monthly trading volume and some 300 employees. Moreover, it also boasted tens of billions of dollars in assets under management and custody.

“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 said about the funding plan.

Investors Still Shaken Over FTX Collapse

The news comes as the crypto market remains volatile following the recent bankruptcy of Sam Bankman-Fried‘s FTX, one of the largest crypto exchanges in the world. The FTX collapse shook institutional confidence, causing many investors to pull out of the crypto space. Lack of proper regulation and oversight remain among the chief concerns for investors.

Earlier this month, Matrixport said that it has no risk of insolvency due to the collapse of FTX and market maker Alameda Research.


In its earlier round, Matrixport raised $100 million at a $1 billion valuation. Multiple venture firms invested, including DST Global Partners, Tiger Global, IDG Capital, and Dragonfly Capital.

Matrixport was founded in 2019 by Jihan Wu, the billionaire founder of the Chinese crypto mining manufacturer Bitmain Technologies. The company was created from a lending arm of Bitman after the chipmaking conglomerate ran into liquidity issues.

On the Flipside

  • The figures about Matrixport’s performance come from the company’s documents intended for investors.

Why You Should Care

The funding round at such a large valuation could be a sign that investors are not writing off crypto yet.

Read about Wu’s crypto-mining hardware manufacturing venture:
Marathon Pays Record $879 Million for Bitcoin Mining Hardware

Learn about what the FTX collapse could mean for crypto:
JPMorgan: FTX Collapse Could Help Move Crypto Forward

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.