An unnamed party voiced terms as part of a memorandum of understanding that included confidentiality obligations

Crypto exchange Zipmex receives offer to save the business from anonymous

25.07.2022 - 07:30

327

2 min

What’s new? Representatives of the cryptocurrency exchange Zipmex said that negotiations for a business rescue with interested parties have made significant progress. One of those parties offered terms as part of a memorandum of understanding (MOU) that includes confidentiality obligations. Zipmex did not name its negotiating partner and did not specify whether the offer involved an investment in the platform or its buyout.

What is going on with Zipmex? On July 20, the exchange suspended withdrawals, citing “volatile market conditions, and the resulting financial difficulties of our key business partners.” The very next day, it resumed deposit and withdrawal functions, but trading on the platform is unavailable.

Zipmex said that as of July 21, it had $48 million in claims against crypto lender Babel Finance and $5 million in claims against the Celsius Network lending platform. The exchange provided several options to restore operations, including raising funds, restructuring, and initiating litigation.

What is known about Zipmex? The exchange was launched in September 2019 and is based in Singapore and Thailand. It has around 2 million active users. In March, the company raised $11 million in one of its funding rounds. The native token is ZMT. As of July 25, 07:45 UTC, the asset is trading at $0,387, having lost 2,47% in 24 hours, according to Binance.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy