Zipmex cryptocurrency exchange’s US$100 million venture capital buyout may be in danger, after buyer V Ventures missed the US$1.25 million payment due on March 23, Bloomberg reported.
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Fast facts
- Zipmex said it would have to liquidate its technology unit, Zipmex Technology and suspend the division’s payroll, unless it gets the funds, according to a letter seen by Bloomberg.
- Zipmex is being acquired for US$100 million by V Ventures, as part of its restructuring plan, after being affected by last year’s crypto bear market, as the exchange had a US$48 million exposure to crypto lender Babel Finance and US$5 million exposure to bankrupt lender Celsius.
- The letter said that Zipmex’s branches in Thailand, Singapore and Indonesia still have funds to pay salaries.
- Zipmex received no information on when the delayed payment would be made.
See related article: Thai regulator probes Zipmex crypto exchange amid acquisition: report
