Coinbase COIN is backing Zipmex, a cryptocurrency trade based mostly in South East Asia. The strategic funding values Zipmex at $400 million.
What Occurred: According to The Block, Coinbase was contemplating an outright acquisition at first. As a substitute, it took half in Zipmex’s newest spherical of fundraising, which amounted to about $52 million. Zipmex seeks to boost an extra $40 million in its present Collection B+ spherical.
Zipmex has an array of main institutional buyers, together with V Ventures, Financial institution of Ayodhya, Mindworks Capital and B Capital. The corporate primarily operates in Thailand, regardless of being headquartered in Singapore, with a digital belongings trade license issued by Thailand’s authorities.
Why Its Necessary: With the present state of cryptocurrency markets, main exchanges throughout the globe have initiated measures of warning. Earlier this month, Coinbase declared a so-called “crypto winter,” saying that they’d be revoking accepted job gives and freezing future hiring.
As well as, the corporate declared a internet lack of $430 million within the first quarter of 2022. Subsequently, the corporate’s ongoing assist of comparatively nascent cryptocurrency exchanges akin to Zipmex, offers a ray of hope in an in any other case bleak market local weather.
