Thai Bank Invests $41 Million in Zipmex Exchange
- The investment makes BOY the first bank in Southeast Asia to invest in a digital asset platform.
- Zipmex will use the investment to improve its current offering and launch new products.
Shutterstock
Zipmex, a growing Thailand cryptocurrency exchange, has raised $41 million from the Bank of Ayudhya. According to a press release published on 31 August, the bank was joined by several other media firms in the Series B fundraise, including Plan B Media and Master Ad.
The investment makes the Bank of Ayudhya — which is part of the Mitsubishi UFJ Financial Group (MUFG) — the first bank in Southeast Asia to invest in a digital asset platform. The bank made the investment through its corporate venture capital arm — Krungsri Finnovate Company.
“This commitment from Krungsri Finnovate is a huge step forward for us,” said Marcus Lim, the CEO of Zipmex. “It represents not only the validation of our business model and approach to innovation but also of the potential for digital assets to become a core part of our lifestyle.”
Lim explained that combining digital assets with traditional banking can provide innovative use cases for money, which is something the company has already demonstrated through its products. The company plans on using the investment to expand on its current offer and launch new products, which include a proprietary NFT platform called ZipNFT and a token launchpad called Zlaunch.
The deal is set to give the Bank of Ayudhya greater exposure to the blockchain and digital asset ecosystem, said Managing Director of Krungsri Finnovate Sam Tansakul.
“If we don’t stay close, the technology will be further away from the bank,” he told Reuters in an interview.
- The bankrupt crypto lender has agreed on a settlement with its Series B holders on how to distribute the $25 million from the sale of self-custody platform GK8.
- The majority of funds, $24 million, will be allocated for legal expenses, while the remaining $1 million will be distributed between the Series B holders.
Shutterstock
- Zipmex resumed deposits and withdrawals for Trade Wallets only, Z Wallets will remain disabled “until further notice”.
- A day after being questioned by the Thailand SEC, the exchange revealed it had a $48 million exposure to Babel Finance, and $5 million to Celsius.
- The southeast Asian crypto exchange said a “combination of circumstances beyond our control” was responsible for its decision to pause all withdrawals.
- Zipmex has joined a growing list of crypto-related companies that have decided to pause withdrawals in recent weeks.