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.

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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.

See also: ​​How a Singapore crypto startup became a unicorn in just 2 years