Troubled Crypto Exchange Zipmex on the Verge of Venture Capitalist Buyout: Report
Embattled crypto trade platform Zipmex is reportedly on the verge of being bought by a enterprise capitalist agency.
In line with a brand new report by Bloomberg, the Singapore-based digital property trade is presently in talks with V Ventures, an funding agency that focuses on expertise.
Sources acquainted with the scenario inform Bloomberg that Zipmex is on the cusp of agreeing to a majority buyout, although the client has not been formally named. Nonetheless, additionally they famous that the corporate is in shut talks with V Ventures.
The sources go on to say that whereas the negotiations are nonetheless ongoing, they aren’t assured to develop right into a deal.
In July, Zipmex introduced that it might be pausing buyer withdrawals after the crypto business entered right into a bear market months earlier that noticed it shed over $1 trillion in market cap.
As stated by Zipmex on the time,
“As a result of a mix of circumstances past our management together with unstable market situations, and the ensuing monetary difficulties of our key enterprise companions, to take care of the integrity of our platform, we’d be pausing withdrawals till additional discover.”
In line with Bloomberg, Zipmex is presently within the midst of a restructuring course of after a court docket in Singapore granted it safety from collectors in August.
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