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HomeCryptocurrencyThailand-Centered Crypto Trade Zipmex Suspends Withdrawals

Thailand-Centered Crypto Trade Zipmex Suspends Withdrawals


Singapore-based cryptocurrency change, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.

In a Tweet by the crypto change, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the change didn’t present additional particulars concerning the transfer, it didn’t specify for a way lengthy this withdrawal suspension can be efficient.

One other Collapse?

Zipmex operates throughout a number of nations within the Asia Pacific area. Nevertheless, it’s recognized for its sturdy footing in Thailand. Moreover, it has a presence in Singapore, Australia and Indonesia.

The crypto change even attracted the attraction of Coinbase which was meant for an acquisition within the first quarter of this 12 months. Nevertheless, the deal fell by way of, and the American change ended up making an undisclosed ‘strategic funding’ into the Asian counterpart.

The funding got here as part of a Sequence B+ funding spherical of the crypto change that valued it at $400 million. Beforehand, the corporate raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital and Grasp Advert.

After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as effectively.

Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market have been exhibiting some indicators of restoration.

A number of different crypto platforms, largely lenders, took related steps after the most recent crypto market crash. Celsius, which has now filed for chapter, halted withdrawals in June, adopted by Singapore-based Vauld which is contemplating restructuring.

Singapore-based cryptocurrency change, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.

In a Tweet by the crypto change, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the change didn’t present additional particulars concerning the transfer, it didn’t specify for a way lengthy this withdrawal suspension can be efficient.

One other Collapse?

Zipmex operates throughout a number of nations within the Asia Pacific area. Nevertheless, it’s recognized for its sturdy footing in Thailand. Moreover, it has a presence in Singapore, Australia and Indonesia.

The crypto change even attracted the attraction of Coinbase which was meant for an acquisition within the first quarter of this 12 months. Nevertheless, the deal fell by way of, and the American change ended up making an undisclosed ‘strategic funding’ into the Asian counterpart.

The funding got here as part of a Sequence B+ funding spherical of the crypto change that valued it at $400 million. Beforehand, the corporate raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital and Grasp Advert.

After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as effectively.

Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market have been exhibiting some indicators of restoration.

A number of different crypto platforms, largely lenders, took related steps after the most recent crypto market crash. Celsius, which has now filed for chapter, halted withdrawals in June, adopted by Singapore-based Vauld which is contemplating restructuring.



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