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Coinbase Makes Strategic Investment in Crypto Exchange Zipmex: Report
Coinbase has opted for a strategic investment instead of an acquisition despite earlier talks.
Updated May 11, 2023, 6:46 p.m. Published Jun 9, 2022, 10:27 a.m.
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Coinbase Global (COIN) has agreed to make a strategic investment in Singapore-headquartered cryptocurrency exchange Zipmex, according to a report by The Block.
- Zipmex reportedly has plans to raise $40 million in a Series B+, pushing its valuation to $400 million. Last year, the firm raised $41 million in a Series B with investment from the Bank of Ayudhya, one of Thailand's largest banks.
- The exchange is headquartered in Singapore and has offices in Thailand, Indonesia and Australia. Coinbase was previously in acquisition talks with Zipmex, although it opted against that in March, according to the report.
- Coinbase shares were up 1.45% at $70.55 in pre-market trading. But by mid-morning, they had fallen 4.8% to $65.80.
- Coinbase and Zipmex did not immediately respond to CoinDesk's request for a comment.
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Metaplanet operating profit to rise 81% in 2026 after soaring 17-fold last year on options writing
The company recorded a non-cash bitcoin valuation loss of 102.2 billion yen ($650 million) due to the cryptocurrency’s price drop.
What to know:
- Metaplanet reported a 17-fold increase in operating profit to 6.28 billion yen ($40.8 million) and a 738% rise in revenue.
- Operating profit is forecast to rise 81% this year.
- The company recorded a non-cash bitcoin valuation loss of 102.2 billion yen ($650 million) due to the cryptocurrency’s price drop.
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