- Coinbase is all set to invest in Southeast Asian crypto exchange Zipmex as part of its latest fundraising round.
- Zipmex is in the works of a Series B round to secure around $40 million at a valuation of $400 million.
- The two entities earlier agreed on Coinbase’s purchasing of Zipmex but they settled on a strategic investment in the end.
The popular crypto exchange Coinbase has considered investing in Southeast Asian crypto exchange Zipmex as part of its latest fundraising round following a decision against a full acquisition.
The two entities earlier agreed on Coinbase’s purchasing of Zipmex but apparently, they settled on a strategic investment in the end.
Zipmex has been looking for investors lately as it attempts to secure around $40 million at a valuation of $400 million.
According to a spokesperson for Zipmex, they are in the process of raising Series B+ and are in discussions with a range of investors. And that they have not finalized lead investors or valuation. They cannot comment on market speculation or rumors.
Zipmex is an exchange founded in the year 2018 by CEO Marcus Lim, with its headquarters in Singapore. But it is quite active in Thailand where it has a virtual assets exchange license issued by the local regulator, the Ministry of Finance.
Some of the current investors of Zipmex comprise B Capital, TNB Aura, V Ventures, Bank of Ayudhya’s Krungsri Finnovate, MindWorks Capital, etc.
Whereas if we talk about Coinbase, following the instance of going public via a direct listing on Nasdaq in April 2021. The exchange is presently in a cash conservation mode. Only last week, the team announced that it is further extending its pause on hiring, as it wants to cope with the current market downtrends.
The recently bearish trends of the entire crypto market have affected a lot of crypto entities with some witnessing considerable losses. And Coinbase was one such entity that reported losses in the quarter one of this year.
Source: https://www.thecoinrepublic.com/2022/06/09/coinbase-agrees-on-a-strategic-investment-in-zipmex-after-acquisition-discussion/