Zipmex Acquisition Stumbles as Buyer Misses Payment: Bloomberg

The payment was due on March 23 and was required to fund working capital

AccessTimeIconMar 24, 2023 at 10:10 a.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

Thai crypto exchange Zipmex's $100 million venture capital buyout could be in jeopardy after the investor missed a $1.25 million payment, Bloomberg reported on Friday.

The payment was due on March 23 and was required to fund working capital, according to the report, citing a letter.

Zipmex advised that it would have to liquidate its technology unit unless it receives said payment.

The exchange was one of many to experience a liquidity crisis last summer following the collapse of Terra and its algorithmic stablecoin UST. Zipmex had issued loans to Babel Finance and Celsius Network, which were both unpaid.

It agreed a $100 million rescue package with V Ventures, a Thailand-based venture capital firm, at the end of last year, from which it has been receiving three tranches of funding, according to the letter.

Zipmex did not immediately respond to CoinDesk's request for comment.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.