Crypto exchange Zipmex in buyout talks with V Ventures
text size

Crypto exchange Zipmex in buyout talks with V Ventures

FILE PHOTO: People walk past advertisement screen boards showing a crypto exchange platform
FILE PHOTO: People walk past advertisement screen boards showing a crypto exchange platform "Zipmex" in Bangkok, July 27, 2022. (Reuters)

Zipmex Pte, the embattled Asian cryptocurrency exchange, is in advanced talks to receive a financial lifeline from one of its investors, people with knowledge of the matter said.

Zipmex is “on track to sign a majority buyout” agreement this week, the company said in an email to Bloomberg News on Wednesday, without naming the buyer. It is in talks with venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies Plc, according to the people, who asked not to be identified discussing confidential information. 

V Ventures didn’t immediately respond to an email seeking comment. Negotiations are ongoing and it isn’t certain they’ll lead to a deal, the people said. 

Bangkok-based Zipmex has been restructuring after being granted protection from creditors in Singapore in August. It was derailed by a wave of defaults that ripped through the crypto industry in June and July, claiming high-profile casualties including lender Celsius Network and hedge fund Three Arrows Capital.  

Do you like the content of this article?
COMMENT