Jihan Wu's Matrixport Seeks $100M at $1.5B Valuation: Report
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Matrixport, a cryptocurrency lender owned by Bitmain Co-Founder, Jihan Wu, is seeking $100 million at $1.5 billion valuation despite the turmoil on the crypto market, Bloomberg has learned, citing sources close to the talks.

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According to the people, Matrixport has commitments from investors for $50 million. Currently, the Singapore-based company is seeking investors for the other half of the round. As per an investor deck, Matrixport has in turnover $5 billion of trades each month and billions of dollars of assets under management and custody.

Matrixport is seeking fresh capital as the whole crypto lending market is going through hard times. Genesis, one of the largest crypto brokers on the market, is trying to weather the storm by raising $500+ million of emergency funding due to a "liquidity crunch due to certain illiquid assets on its balance sheet."

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Genesis reportedly also told investors there was an "ongoing run on deposits driven mainly by retail programs and partners of Genesis (i.e., Gemini Earn) and institutional clients testing liquidity."

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