Troubled Crypto Exchange Zipmex Is in Advanced Takeover Talks

A deal to sell a majority stake is on track to be completed this week.

AccessTimeIconNov 2, 2022 at 3:20 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC

Cryptocurrency exchange Zipmex is in advanced discussions with venture capital fund V Ventures over the sale of a majority stake in the business, according to Bloomberg.

"The company is on track to sign on Friday, but still negotiating terms even at this hour," a marketing spokesperson told CoinDesk. The value of the deal remains undisclosed.

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  • The exchange, which offered crypto trading and investment services in Thailand, Indonesia, Singapore and Australia, froze withdrawals after Babel Finance and Celsius Network failed to repay loans worth $53 million during a downturn across the crypto sector. Zipmex appointed a restructuring firm to assist with a recovery plan in August after filing for protection from creditors in July.

    V Ventures is a subsidiary of Thoresen Thai Agencies, one of Thailand's largest and longest-serving investment firms.

    In August, Zipmex said it was in "advanced talks" with two investors.

    UPDATE (Nov. 2, 16:24 UTC): Adds company quote in second paragraph; removes "Report" from headline.

    UPDATE (Nov. 2, 16:46 UTC): Changes attribution in quote.

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    Oliver Knight

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