Zipmex was reportedly still in 'advanced talks' for a potential rescue deal last month.
Zipmex was reportedly still in “advanced talks” for a potential rescue deal last month.
Embattled cryptocurrency exchange Zipmex is all set to be acquired by V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, for $100 million. The venture capital fund is reportedly offering $30 million in cash, and the rest will be paid in crypto tokens., V Ventures will acquire about 90% of Zipmex. The court hearing said crypto received from the agreement will be deployed to gradually unlock customers’ frozen wallets in the platform by early April.
This was during the time when several crypto platforms and lending firms, such as Celsius Network and Babel Finance, took similar steps, blaming market turbulence and the subsequent counterparty risks. Zipmex issued two loans to the platforms worth $53 million, neither of which was repaid. While Celsius sank into bankruptcy, Zipmex happens to be one of the first rescues in Asia.
Last year, Zipmex secured an investment worth $41 million from one of Thailand’s largest banks – Bank of Ayudhya. More recently, it was reported that Coinbase reached an agreement to make a strategic investment in the Singaporean entity and was working on a Series B+ funding round estimated to raise its valuation to $400 million. However, the exchange later confirmed that it made no investment in the entity.
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