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Zipmex seeks $50M in new funds

Jul 26, 2022
Illustration of a pixelated world map overtop an image of a bitcoin pattern.

Illustration: Megan Robinson/Axios

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.
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