Singapore-based cryptocurrency lender Matrixport Technologies Pte is seeking fresh funding despite the second wave of the crypto winter that stemmed from the fall of Sam Bankman-Fried’s crypto empire FTX.

Bloomberg reported Friday that the crypto lender is looking to raise $100 million at a $1.5 billion valuation, a significant increase from its $1 billion valuation last year.

$50 Million Commitment Fund

Matrixport already has a $50 million investment commitment from lead investors. Although the deal has not been sealed yet, the firm plans to raise an additional $50 million to meet its $100 million target.

Ross Gan, head of the company’s public relations team, confirmed the fundraising plans, noting that the lender “routinely engages” with shareholders and investors whose views align with the company’s vision.

“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 asset financial services provider,” Gan said.

The firm, established by billionaire Wu Jihan, said earlier this month that it has no risk of bankruptcy despite its customers’ exposure to the FTX fiasco.

As one of the leading crypto companies in Asia with direct competitors like Babel Finance, the company said it handles around $5 billion in transactions monthly with billions of dollars in assets under management.

No Exposure to FTX

Meanwhile, Matrixport is one of the many firms in the industry seeking new fundraising to maintain its operations. Last week, institutional crypto custodian firm BitGo said it plans to raise an undisclosed amount of funds to place its valuation at $1.2 billion.

According to reports, BitGo started seeking investment proposals after asset management firm Galaxy Digital Holdings backed out of its acquisition deal in August.

BitGo CEO Mike Belshe said the crypto custodian firm is looking for strategic business partners in its subsequent funding round. However, Belshe noted that the company is not in any situation where it needs investors to survive.

While BitGo suffered massive exposure to the Terra (LUNA) collapse in May, the company has confirmed that it has no exposure to FTX and its affiliated companies.

（By William A. Frederick）