Crypto tycoon Jihan Wu has set a new funding target of US$1.5 billion for Matrixport. So far the Singapore-based financial services firm has received a US$50 million commitment from investors.
The plan was unveiled by the former Bitmain founder amidst a drastic decline in venture funding and uncertainty over the crypto industry following the jaw-dropping bankruptcy of the FTX exchange.
Quoted by Forbes on Thursday (24/11/2022), Matrixport said that it would raise a second round of funding to reach a total of US$100 million.
The company did not disclose the name of the investor in the fund round. However, previous investors include Qiming Venture Partners, IDG Capital and Dragonfly Capital.
“We are very pleased and look forward to engaging on the same terms as participants in the other half of the funding round,” said Matrixport Head of Public Relations, Ross Gan, in a written release.
According to Ross, the funding commitment demonstrates investor confidence in Matrixport’s ability to capture new opportunities.
Meanwhile Matrixport is one of the fastest growing financial services platforms for digital assets in Asia.
With US$10 billion in managed and custodial funds, Matrixport provides one-stop cryptographic financial services with a monthly average trading volume of over US$5 billion.
Previously, Matrixport launched a new electronic wallet feature. This feature will automatically provide returns on all cryptographic assets stored in electronic wallets without a minimum investment value.
In August last year, Matrixport achieved status unicorns in a funding round led by billionaire Israeli-Russian DST Global partner Yuri Milner, Hong Kong tycoon Adrian Cheng’s C Capital and K3 Ventures, founded by Kuok Meng Xiong.
Matrixport reached status unicorns less than two years after it was launched by Jihan Wu, the co-founder Bitmain Technologiesa Bitcoin mining tool manufacturer.
Wu stepped away from Bitmain Technologies last year after growing the Chinese company into one of the world’s largest manufacturers of bitcoin mining rigs. [ab]