MUFG boosts its crypto exposure following $41M Zipmex funding round
Thailand's Bank of Ayudhya, where MUFG holds a 76.9% stake, has participated in a $41 million raise for Asia-Pacific-focused crypto trading platform Zipmex. Thailand's Bank of Ayudhya (BAY) – in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake – participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex.The $41 million raise, which saw the participation of two publicly traded Thai media firms and overseas VC funds in addition to BAY, accounts for the lion’s share of Zipmex’s total $52 million in funds raised to date. BAY’s corporate venture....
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Crypto Exchange Zipmex has just received a moratorium extension from Singapore High Court. At the moment, Zipmex has more than three months of creditor protection. This will give the crypto exchange some more time so that they could devise the next steps of their funding plan. Zipmex had filed for bankruptcy protection and had also […]
The firm stated that its potential investors will also attend the meetings, which will include Zipmex, Thailand's SEC, and government agencies. Asian crypto exchange Zipmex has requested meetings with Thailand's Securities Exchange Commission (SEC) and other regulators to discuss the firm’s “recovery plan.” In a statement on Aug. 25, Zipmex said it had submitted a letter requesting meetings with the securities regulator, which will also be attended by the firm’s potential investors. “We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country....
It appears the firm's fortune took a turn to the worst via its exposure to troubled crypto lending service Babel Finance. In a document dated Wednesday, July 27, Thai cryptocurrency exchange Zipmex said that its solicitors in Singapore, Morgan Lewis Stamford LLC, filed five moratorium applications, or legal authorization to debtors to postpone payment, under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of the company. Zipmex seeks to protect itself against third party actions, claims, and proceedings for a period of six months while the filing is....
The crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively. Cryptocurrency exchange Zipmex has resumed withdrawals from its trade wallet after two days, but said transfers, deposits and trade will continue to be disabled from its Z Wallet.In a Friday announcement, Zipmex said its Thailand-based users could make withdrawals from its trade wallet, with the function expected to be “re-enabled this evening” for clients in other countries. The crypto exchange has had withdrawals disabled....
After weeks of rumors, cryptocurrency exchange Zipmex said that it had filed for bankruptcy protection in Singapore in response to mounting legal threats from creditors. The Thailand-based crypto exchange is reported to have more than $50 million in exposure to Babel Finance and Celsius, crypto lenders that have severely been battered from the turmoil plaguing […]