Crypto Change Zipmex to be Acquired for $100M

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Following its predicament of an absence of liquidity earlier this yr, Zipmex, a South Asian crypto change, is now set for an acquisition of about $100 million by enterprise capital fund V Ventures. 

Based on Bloomberg, citing an individual aware of the matter, the customer, V Ventures, a subsidiary of Thoresen Thai Companies Pcl, would offer $30 million in money and the rest in crypto tokens.

Reportedly, the overall acquisition funds of $100 million would purchase out about 90% of Zipmex. Funds obtained from the deal are stated for use to regularly unlock Zipmex prospects’ frozen wallets by early April subsequent yr following the suspension of withdrawals earlier this yr.

Zipmex is an Asia-leading digital belongings change platform working in Singapore, Thailand, Indonesia, and Australia. The change has to this point been underneath restructuring after it was granted creditor safety in August for all its entities till April subsequent yr.

Zipmex Predicament

In July, Zipmex filed for chapter safety, citing liquidity points. The change requested that the moratorium be lifted for 5 of its corporations – Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Firm Restricted of Thailand, PT Zipmex Change Indonesia, and Zipmex Australia Pty Ltd.

As reported by Blockchain Reporter noting, “This helps shield Zipmex in opposition to third-party actions, claims, and proceedings whereas it’s lively and allows the staff to focus all our efforts on resolving the liquidity state of affairs with out having to fret about defending potential claims or opposed actions whereas we’re doing so. You will need to notice {that a} moratorium is just not a liquidation of any firm, and there’s no important standing change from our final replace.“

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