The CEO of major Thai crypto exchange Zipmex said that despite the suspension of withdrawals, the company has no financial problems.
Zipmex explains the suspension of the withdrawal of funds by circumstances beyond its control. Coinbase made an offer to buy the Thai cryptocurrency exchange Zipmex at the beginning of the first quarter of 2022. However, on June 9, the deal fell through. Instead of buying the asset outright, Coinbase made a “strategic investment” in the company for an undisclosed amount.
Although the company is interested in working closely with Coinbase, as an investor, it is suitable for more than a week as a new owner, according to the company’s CEO and co-founder Marcus Lim. At the same time, Lim tried to refute the rumors, according to which the company is experiencing financial problems.
“The acquisition fell through due to market conditions. They opted out in many countries around the world such as Turkey and Latin America. Coinbase is a great strategic business partner,” said Lim.
Now Zipmex works over a Series B+ promotion that could be worth $400 million. The exchange reportedly operates in Thailand, Indonesia, Singapore and Australia. In August 2021, Zipmex’s user base reached 200,000 people, and since its launch in late 2019, the total transaction volume has exceeded $1 billion.
Cryptocurrency derivatives exchange CoinFLEX said earlier that it needs more time to resume withdrawing user funds as the exchange is still looking for someone to buy back its $47 million debt.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
