Coinbase Makes Strategic Investment in Crypto Exchange Zipmex: Report

Coinbase has opted for a strategic investment instead of an acquisition despite earlier talks.

AccessTimeIconJun 9, 2022 at 10:27 a.m. UTC
Updated May 11, 2023 at 6:46 p.m. UTC

Coinbase Global (COIN) has agreed to make a strategic investment in Singapore-headquartered cryptocurrency exchange Zipmex, according to a report by The Block.

  • Zipmex reportedly has plans to raise $40 million in a Series B+, pushing its valuation to $400 million. Last year, the firm raised $41 million in a Series B with investment from the Bank of Ayudhya, one of Thailand's largest banks.
  • The exchange is headquartered in Singapore and has offices in Thailand, Indonesia and Australia. Coinbase was previously in acquisition talks with Zipmex, although it opted against that in March, according to the report.
  • Coinbase shares were up 1.45% at $70.55 in pre-market trading. But by mid-morning, they had fallen 4.8% to $65.80.
  • Coinbase and Zipmex did not immediately respond to CoinDesk's request for a comment.
  • Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
    01:54
    Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
  • HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
    00:50
    HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
  • Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
    01:45
    Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.