One of Asia’s biggest cryptocurrency lenders Matrixport Technologies Pte is looking to raise a staggering $100 million in fresh funding at a $1.5 billion valuation.

The Singapore-based crypto lender said that they have a commitment of at least worth $50 million from lead investors. Despite the crypto winter this year, the company is eyeing a valuation of $1.5 billion, 50% up from $1 billion last year, said people familiar with the matter.

Matrixport Technologies has been founded by crypto billionaire Jihan Wu. The company offers a range of different crypto services such as trading, custody, and structured products, to retail as well as institutional players. In Asia, it competes with players like Babel Finance, which too faced a liquidity crisis amid the collapse of the Terra ecosystem earlier this year.