Following its predicament of a lack of liquidity earlier this year, Zipmex, a South Asian crypto exchange, is now set for an acquisition of about $100 million by venture capital fund V Ventures.
Reportedly, the total acquisition funds of $100 million would buy out about 90% of Zipmex. Funds obtained from the deal are said to be used to gradually unlock Zipmex customers’ frozen wallets by early April next year following the suspension of withdrawals earlier this year.
Zipmex is an Asia-leading digital assets exchange platform operating in Singapore, Thailand, Indonesia, and Australia. The exchange has so far been under restructuring after it was granted creditor protection in August for all its entities until April next year.
Zipmex Predicament
In July, Zipmex filed for bankruptcy protection, citing liquidity issues. The exchange requested that the moratorium be lifted for five of its companies – Zipmex Asia Pte Ltd, Zipmex Pte Ltd, Zipmex Company Limited of Thailand, PT Zipmex Exchange Indonesia, and Zipmex Australia Pty Ltd.
As reported by Blockchain Reporter noting, “This helps protect Zipmex against third-party actions, claims, and proceedings while it is active and enables the team to focus all our efforts on resolving the liquidity situation without having to worry about defending potential claims or adverse actions while we are doing so. It is important to note that a moratorium is not a liquidation of any company, and there is no significant status change from our last update.“
About the author
Samuel is a professional cryptocurrency writer specializing in blockchain technology and market analysis. He delivers in-depth insights into emerging trends and developments, producing well-researched, engaging content that makes complex crypto topics accessible to both newcomers and experienced industry professionals. Through his analytical approach and clear writing style, Samuel provides valuable perspectives on the evolving digital asset landscape, establishing himself as a credible and trusted voice in the cryptocurrency industry.
