Thai VC fund acquires troubled exchange Zipmex for $100M: Report

After days of negotiations on the potential buyout of Zipmex, investment capital fund V Ventures has apparently arrived at an offer to get the embattled cryptocurrency exchange.

V Ventures, a subsidiary of Thoresen Thai Agencies (TTA) public company, is searching to buy a 90% stake in Zipmex crypto exchange, Bloomberg reported on 12 ,. 2.

The VC fund is going to acquire Zipmex for around $100 million in digital assets and funds, anonymous sources acquainted with the problem claimed. Citing a court on Friday in Singapore, the report states that Zipmex was offered $$ 30 million in cash and also the rest in crypto.

Based on the court, Zipmex is intending to use cryptocurrency assets caused by the transaction to unlock frozen customer accounts around the exchange by April 2023.

The purchase report comes days after local media reported that V Ventures and Zipmex were on the right track to sign a big part buyout agreement.

As formerly reported, Zipmex abruptly stopped withdrawals on its platform in This summer 2022, citing a “combination of circumstances” beyond its control. The exchange, that has operations in Thailand, Singapore, Indonesia and Australia, subsequently began a restructuring process after you have three several weeks of creditor defense against Singapore’s High Court.

Zipmex has additionally filed applications to increase the moratorium until April 2023 to aid the restructuring efforts, that is pending consideration through the Singapore court.

Despite facing major issues, Zipmex has apparently ongoing offering a number of its services after partly resuming withdrawals. Based on Zipmex’s website, the exchange continues to be altering a number of its withdrawal charges in addition to listings in the last two several weeks.

Zipmex and TTA didn’t immediately react to Cointelegraph’s request comment.

Related: Binance acquires controlled crypto exchange in Japan

This news comes soon after Thailand’s Registration (SEC) accused crypto exchange Zipmex and it is co-founder Akalarp Yimwilai of violating local laws and regulations. The authority particularly contended that Zipmex hadn’t provided info on digital wallets and crypto transactions in compliance using the country’s Digital Assets Act.

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