Singapore-based crypto financial services firm Matrixport has secured $50 million in investor commitments at a valuation of $1.5 billion, even amid a widespread decline in venture capital and industry uncertainty following the fallout from FTX’s bankruptcy.
Matrixport said Thursday it expects a second tranche of the round, bringing its fundraising goal to a total of $100 million. The company has not disclosed the names of the investors participating in the round. Previous investors include Qiming Venture Partners, IDG Capital and Dragonfly Capital.
“Matrixport regularly engages with key stakeholders, including investors, as part of the normal course of business,” said Ross Gann, head of public relations at Matrixport, in a written response. “We are delighted and look forward to being on an equal footing with the participants in the second part of the funding round. The funding commitment represents confidence in our ability to capitalize on new opportunities in tandem with recent industry developments.
Matrixport’s services include digital asset custody, trading, lending and structured products. The firm says it now has $10 billion in assets under management and custody, and more than $5 billion in average monthly trading volume.
The cryptocurrency industry was thrown into turmoil after former billionaire Sam Bankman-Fried’s trading platform FTX and its related companies filed for bankruptcy earlier this month. Matrixport has said it is not at risk of bankruptcy, but a total of 79 users on its platform have suffered losses in products associated with FTX.
Last August, Matrixport achieved unicorn status in a funding round led by Israeli-Russian billionaire Yuri Milner’s DST Global, Hong Kong tycoon Adrian Cheng’s C Capital and K3 Ventures, founded by Malaysia’s richest man and done by the grandson of Kwok Meng Xiong. Person Robert Kuok.
Matrixport reached unicorn status less than two years after it was launched by Bitmain Technologies co-founder Jihan Wu. Wu left Bitmain Technologies last year after developing the Chinese company into one of the world’s largest manufacturers of bitcoin mining rigs.