Asian cryptocurrency exchange Zipmex Asia to be acquired by venture capital fund for approximately $100 million.
After weeks of negotiating the deal, V Ventures has finally received approval from the Singapore judiciary.
V Ventures, a wholly owned subsidiary of Thoresen Thai Agencies, did not disclose the names of the ultimate beneficiaries of the deal, but said the fund is looking to acquire about 90% of Zipmex’s shares. The fund pays Zipmex $30 million in cash and about $70 million in cryptocurrencies for the securities.
V Ventures says that the cryptocurrency will be used to gradually unlock the frozen wallets of Zipmex customers. The unlock should be completed by April 2023.
In August, the Supreme Court of Singapore released the Zipmex cryptocurrency exchange from lawsuits and claims of creditors for three months. Judge Aedit Abdullah has imposed a moratorium on filing lawsuits against Zipmex-related companies operating in Singapore, Thailand, Indonesia and Australia until December 2. This allowed the trading platform to develop a financial plan for overcoming the crisis and find buyers for the business.
Source: Bits
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