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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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The firm, which holds mortgage provider licenses in ten U.S. states with more to follow, has a perfect track record of zero margin calls across its mortgage portfolio.
What to know:
- Milo allows crypto holders to pledge their bitcoin or ether as collateral for loan amounts up to $25 million without having to sell their digital assets.
- Milo asks for 100% of the value of the property in crypto collateral, which can be held with qualified custodians like Coinbase or BitGo, or there is a self-custodial option.
- The loans, which start at 8.25%, can also be used for things like acquiring land, funding home improvements, and business investments.
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