By Richard Hines
Matrixport, a crypto lending platform, has embarked on a fundraising campaign to raise $100 million. Some financial institutions have already donated $50 million to this crypto-lending firm owned by Jihan Wu.
Matrixport Fundraising Campaign
Jihan Wu, the founder of Matrixport, a crypto lending platform, ventures on acquiring $100 million for his company through fundraising.
However, some companies have contributed $50 million to Matrixport’s fundraising program.
According to users and investors connected to Matrixport’s owner, Wu, the company is still pushing for a $1.5 billion target for this year, which is 50% higher than last year’s.
More people and contributors are needed for this project because the company still needs to raise about 50% more funds to reach its $100 million goal and is hoping that other businesses will contribute.
One of the company’s representatives, Ross Gan, reaffirmed the strategy in use and stated that the company concurrently communicates with stakeholders as a normal line of action in its operations. This communication includes investors who are extremely enthusiastic about the vision and drive of this company. Additionally, it communicates well with investors who can help it achieve its goal of becoming a provider of digital assets.
The crypto billionaire who founded Matrixport Technologies is Jihan Wu; His firm caters to both larger institutions and businesses while also taking care of the needs and services of the customers. Their services cover everything from trading to well-structured projects.
Liquidity Crunch
Due to the FTX-instigated crash, exchanges such as Genesis Global Capital have experienced downtime and a liquidity crunch.
Another company that faced a liquidity crunch this year was Babel Finance; this liquidity shortage developed as a result of the Terra Luna crash in May of this year.
Crypto lenders have been directly impacted and are currently experiencing the squeeze of liquidation as a result of the turbulence of the crypto winter and the fall of two great exchanges and companies this year, Terra Luna and FTX.
Many believe that the lax regulation of the cryptocurrency industry is what has caused all of these crashes and crises.
To avoid another crash like the one that happened to FTX, regulators have pushed and are still pushing for regulation of the crypto space.
Changleng Zhao, the CEO of Binance, is working on a project to raise $2 billion for projects that have a solid foundation but are facing the pressure of liquidation. As of right now, he has received contributions and donations for the advancement of this crypto recovery fund project from companies like Aptos lab and Jump Crypto.