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Troubled Crypto Exchange Zipmex Is in Advanced Takeover Talks
A deal to sell a majority stake is on track to be completed this week.
Updated May 9, 2023, 4:01 a.m. Published Nov 2, 2022, 3:20 p.m.
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Cryptocurrency exchange Zipmex is in advanced discussions with venture capital fund V Ventures over the sale of a majority stake in the business, according to Bloomberg.
"The company is on track to sign on Friday, but still negotiating terms even at this hour," a marketing spokesperson told CoinDesk. The value of the deal remains undisclosed.
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The exchange, which offered crypto trading and investment services in Thailand, Indonesia, Singapore and Australia, froze withdrawals after Babel Finance and Celsius Network failed to repay loans worth $53 million during a downturn across the crypto sector. Zipmex appointed a restructuring firm to assist with a recovery plan in August after filing for protection from creditors in July.
V Ventures is a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms.
In August, Zipmex said it was in "advanced talks" with two investors.
UPDATE (Nov. 2, 16:24 UTC): Adds company quote in second paragraph; removes "Report" from headline.
UPDATE (Nov. 2, 16:46 UTC): Changes attribution in quote.
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