Zipmex – an Asian cryptocurrency exchange froze some of its withdrawals in mid-July seeking to raise 50 Million USD to repair its balance sheet. One of the spokespeople mentioned in an interview the targeted fundraising amount.
Asian Crypto Lender Zipmex Meets Thai Regulators
The Asian crypto lender was in discussions to sell a part or all of itself amid lending money to bankrupt crypto lenders Babel and Celsius. Presently, Zipmex has requested a meeting with Thailand’s Securities and Exchange Commission (SEC). The company has invited potential investors and other regulators to discuss the company’s ‘recovery plan’.
Zipmex is rigorously working on the fund-raising plan. Prior to that, the crypto lender made a wise move to file protection from creditors. The company also plans to bring in potential investors and regulators from different geographies.
In a recent statement from Zipmex the company requested meetings with various securities regulators and also requested several potential investors:
“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies.”
Signing The Right Memorandums
Zipmex has already signed memorandums of understanding with a few investors earlier this month moving onto the advanced stages. The first round of the fund-raising process was introduced in June signaling potential capital injection has no relation to the company’s financial problems.
The Asian crypto lender claims that the investment round closed at $40 Million at a decent valuation of $400 Million. According to our closest sources, Zipmex has secured roughly three months of creditors protection. The shield will be active till December 2, 2022, while it develops restructuring plans.
With ongoing fund-raising rounds and subsequent discussions between investors and regulators, the company will provide a further plan of action in September. Earlier this Thursday, dated 25th August 2022, the company made an optimistic announcement regarding the wallet transfers. The wallet transfers for its native token ZMT have been restored. This is a markable step in the company’s efforts to establish complete operations.
Source: https://www.thecoinrepublic.com/2022/08/27/zipmex-meets-thai-regulators-potential-investors-discussing-recovery-plans/