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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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Kraken continues acquisition streak by buying token management firm Magna ahead of IPO push
The deal adds token lifecycle infrastructure to Kraken’s growing product suite.
What to know:
- Payward, Kraken’s parent company, has acquired token operations firm Magna.
- Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
- Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.
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