Troubled Asian cryptocurrency exchange Zipmex is in a buyout discussion with venture capital firm V Ventures to sell 90% of its share for $100 million, Bangkok Post has learned, citing people close to the talks.
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The venture firm is reportedly offering the bankrupt crypto exchange $30 million in cash and $70 million in cryptocurrencies. As part of the agreement, the crypto received from the deal will be distributed between Zipmex customers, whose funds might still be frozen until April 2023. As of press time, neither Zipmex nor V Ventures publicly confirmed the discussion.
Zipmex filed for bankruptcy protection against its Singaporean creditors earlier this year, after it had suspended withdrawals for all of its users, citing a "combination of circumstances" beyond its control.
Earlier in July, Zipmex said that a "series of black swan events" resulted in financial difficulties of its partners, without naming them. The move came after Celsius Network and Voyager Digital had made the same steps before filing for bankruptcy.
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