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Singapore-Based Matrixport Cuts 10% of Staff in Pivot to Accredited Investors

The crypto financial services company co-founded by billionaire Jihan Wu, has joined the list of companies carrying out job cuts, while its asset management arm has lost two top executives.

Photo by DDP / Unsplash

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Matrixport is the latest crypto firm to engage in a round of layoffs, with the Singapore-based crypto lender set to cut 10% of its workforce of around 300 employees.

The cuts will mostly come from its marketing department, the company said, noting that it will be focusing on accredited investors due to the "significant shift in the regulatory climate following the industry-wide capitulations."

At the same time, Matrixport is building out its compliance, legal, and product development teams, COO Cynthia Wu said.

The company is not alone in its struggles amid the ongoing crypto winter as key industry players rush to free up funds by cutting labour. Just this month, Blockhead has reported on widespread layoffs at Gemini, Huobi, Crypto.com, Consensys and Coinbase.

Related: Crypto Companies Hit With Fresh Wave of Layoffs

Sought Funding in November

Founded by Jihan Wu in 2019, Matrixport provides custodial services, spot OTC, fixed income, structured products, lending as well as asset management.

Matrixport is Wu's second adventure in the crypto space, having earlier co-founded mining chip giant Bitmain Technologies and leaving the company in 2021. Matrixport has been valued by Forbes at US$1 billion after just two years, while his personal net worth is estimated at US$2 billion.

According to the company's website, Matrixport holds licenses in Hong Kong and Switzerland and has over 290 employees globally. Its monthly trading volume is US$5 billion, and it has US$10 billion in assets under custody and management.

Matrixport was reportedly seeking US$100 million in funding in November 2022, at an estimated post-valuation of US$1.5 billion, according to a story first reported by Bloomberg. The company previously raised US$100 million in an August 2021 Series C funding round led DST Global Partners, C Ventures, and K3 Ventures.

Changes at Asset Management Arm

Matrix Asset Management CEO Damien Loh and head of business development and investor relations I Z Wong also stepped down, Bloomberg reported on Friday.

According to the division's COO Yu Yee Woo, Matrix Asset Management is "transitioning to new leadership, pending regulatory review," the report said.

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