Cryptocurrency change Zipmex has requested conferences with the Securities Alternate Fee (SEC) and different involved authorities in Thailand, Bloomberg reported. Potential traders are additionally anticipated to attend these conferences because the change begins to execute a fund-raising plan.
Zipmex runs its operations in 4 nations: Singapore, Thailand, Indonesia, and Australia. The troubled cryptocurrency change had filed for international moratorium functions in a Singapore Courtroom on 28 July. The appliance was filed to hunt safety from collectors.Â
Inviting investments to abate disaster
Zipmex acknowledged that it was in a complicated stage of dialogue with two potential traders. This got here after it signed three memorandums of understanding (MOUs) previously month.Â
Moreover, the upcoming funding spherical is predicted to elevate $40 million for Zipmex, at its present valuation of $400 million. One of many potential traders has been looking for Zipmex CEO Marcum Lim to step down as per reports.
Nevertheless, Lim in a latest interview with the Monetary Overview acknowledged the alternative. He stated that he won’t resign and can preserve operating the embattled crypto change whereas repaying the money owed value $50 million.
Based on Crunchbase, Zipmex has raised funds value $62.9 million over six rounds from totally different VC companies. These embody Krungsri Finnovate, Mindwork Capitals, B Capital, and Leap Capital.
The Block reported that Coinbase International made a strategic funding in Zipmex in early June 2022. Nevertheless, Coinbase had been considering buying the beleaguered enterprise however determined in opposition to it.  Â
International debt moratorium and extra
Through the massacre witnessed by the cryptocurrency market within the second quarter of this yr, Zipmex was owed $53 million by Babel Finance and Celsius Community as reported by Fortune.
Zipmex paused withdrawals on 20 July, citing risky market situations and monetary difficulties of its companions. Nevertheless, it quickly re-enabled commerce pockets withdrawals for its international and Singaporean customers. Solely just lately, it re-enabled transfers from Z Pockets to Commerce Pockets.
Moreover, as of 28 July, the change filed for international debt moratorium functions in a court docket in Singapore.
On 15 August, Zipmex put out the update that its moratorium has been prolonged till 2 December 2022 for all of its 5 entities. Zipmex has additionally been requested to conduct a gathering with its collectors and buyer base inside a month, explaining its place on the matter.