Zipmex seeks $50M in new funds

Asia-focused crypto exchange Zipmex is weighing its strategic options a week after pausing some withdrawals, Bloomberg reports.

Why it matters: The crypto tsunami has spawned a host of deals and deal processes to help companies stay afloat as they plug holes in their balance sheets and try to rescue customer accounts.

Driving the news: Zipmex reportedly seeks to raise at least $50 million to shore up its balance sheet. According to the report, it might also seek to sell part or all of itself as it weighs potential offers.

• In a weekend tweet, the company said it was having conversations with various interested parties, one offering terms in a memorandum of understanding (MOU).

State of play: Zipmex is caught up in the contagion that has prompted other crypto firms to consider restructuring or filing for bankruptcy.

• Last week, the company said it was owed $48 million from Babel Finance and another $5 million from Celsius — both themselves creditors of defunct hedge fund Three Arrows Capital.