South Asian marketplace Zipmex, shortly after resuming the withdrawal of client capital, announced the conclusion of a contract that solves its economic problems.
Thai cryptocurrency exchange Zipmex, which is facing economic difficulties, said that a certain company offered conditions for financial assistance. At the same time, Zipmex does not name the company and does not specify whether the offer is an investment or an agreement to sell a business share.
“Our discussions with stakeholders have made significant progress. One of these parties has proposed terms in a memorandum of understanding that includes confidentiality obligations,” the exchange explained.
On July 21, Zipmex suspended the withdrawal of customer assets on the platform, citing “partners’ financial difficulties.” The exchange, following other crypto companies, faced the consequences of the financial crisis in the crypto market.
The exchange has invested $48 million in crypto-currency companies Babel Finance and Celsius, which defaulted on loans after severe losses. Zipmex later resumed withdrawing capital from the trading platform. However, customer assets held in the Zipmex wallet used by the exchange to pay rewards are still not available.
Zipmex announced in April that it was expanding operations in Australia. To attract customers, the site has entered into agreements with the local football A-League and the National Rugby League.
Source: Bits
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