SG DeFi firm raises $4.6m in Matrixport-led round

Singapore decentralized finance (DeFi) firm OrBit Markets raised US$4.6 million in an angel funding round led by digital asset financial services platform Matrixport.

The fundraising also saw participation from Brevan Howard Digital, New Form Capital, Maven 11, and Westridge Markets. This is OrBit Markets’ first fundraising since being founded this year.

OrBit designs quantitative models and risk engines to create crypto-based financial solutions and has launched products to address the growing demand for safer investing and hedging solutions in light of recent market turmoil. The firm also seeks to address the lack of market makers that can provide liquidity for complex DeFi products, the company said in a statement.

OrBit CEO Caroline Mauron, who also worked for Deutsche Bank as its co-head of foreign exchange for Asia Pacific, said the funding will go toward developing the company’s product offerings and proprietary technologies and scaling its client base.

John Ge, co-founder and CEO of Matrixport, said the strategic partnership will enable the financial services platform to tap into OrBit’s domain expertise in quantitative finance and drive innovation and accelerate the adoption of digital assets.

Singapore-based Matrixport offers savings accounts with up to 30% annualized returns, zero-cost loans, yield farming features, and dual currency products. Its customers are mainly high-net-worth individuals and institutional investors who own at least US$1 million worth of cryptocurrencies.

In August 2021, Matrixport’s valuation hit unicorn status following a series C round of US$100 million.

SG DeFi firm raises $4.6m in Matrixport-led round.Congratulations to the entire team for your funding. I wish you great success in this endeavour.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business. For any rectifications, reach out to ashu@startuplanes.com