Troubled Crypto Exchange Zipmex on the Verge of Venture Capitalist Buyout: Report
Embattled crypto exchange platform Zipmex is reportedly on the verge of being purchased by a venture capitalist firm.
According to a new report by Bloomberg, the Singapore-based digital assets exchange is currently in talks with V Ventures, an investment firm that focuses on technology.
Sources familiar with the situation tell Bloomberg that Zipmex is on the cusp of agreeing to a majority buyout, though the buyer has not been officially named. However, they also noted that the company is in close talks with V Ventures.
The sources go on to say that while the negotiations are still ongoing, they aren’t guaranteed to develop into a deal.
In July, Zipmex announced that it would be pausing customer withdrawals after the crypto industry entered into a bear market months earlier that saw it shed over $1 trillion in market cap.
As stated by Zipmex at the time,
“Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.”
According to Bloomberg, Zipmex is currently in the midst of a restructuring process after a court in Singapore granted it protection from creditors in August.
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Author: Mehron Rokhy
