Bankrupt Crypto Exchange Zipmex ‘In Advanced Takeover Talks’ with V Ventures

Zipmex Pte is the troubled operator of the Asian cryptocurrency trading platform. Venture capital funds are in advanced discussions with Zipmex Pte V Ventures has sold a majority of the business’ equity to potential investors.According to Bloomberg, people who have knowledge of the matter asked not to be identified in order to discuss confidential information.

V Ventures is a subsidiary Thoresen Thai Agencies. This is one of Thailand’s longest-serving and largest investment firms. Sources said that Zipmex had appointed V Ventures as a subsidiary to help identify potential buyers and investors.

People have revealed that a potential investor is looking to buy a majority stake in the company.

Zipmex is expected to sign Friday. However, negotiations are ongoing and it is not clear that they will result in a deal. The exact value of the deal is not yet known.

Talks are ongoing and there is growing evidence that potential investors are interested in buying shares on the exchange. Zipmex announced in August that it was in advanced talks with two investors. The deal is nearing completion, according to Zipmex. It could happen before the end of the month.

Late July saw the threat of legal action by creditors as the crypto exchange, which was focused on Southeast Asia, filed for bankruptcy protection.

The application helped protect the exchange against third-party actions, claims, and proceedings while working to focus all its efforts on resolving the bankruptcy crisis without worrying about creditors’ claims.

After its exposure to Babel Finance, Zipmex experienced a liquidity crisis. It was forced to stop trading withdrawals. Blockchain.News reported on the matter on July 22.

The company is currently under a moratorium through December 2, which provides protection against creditors and allows it to finalize investors for new funding to help it jumpstart its business.

Source: Shutterstock



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