HomeCryptoThailand-Focused Crypto Exchange Zipmex Suspends Withdrawals | NEWSRUX

Thailand-Focused Crypto Exchange Zipmex Suspends Withdrawals | NEWSRUX

Singapore-based cryptocurrency alternate, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.

In a Tweet by the crypto alternate, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the alternate didn’t present additional particulars in regards to the transfer, it didn’t specify for a way lengthy this withdrawal suspension can be efficient.

One other Collapse?

Zipmex operates throughout a number of international locations within the Asia Pacific area. Nevertheless, it’s identified for its robust footing in Thailand. It additionally has a presence in Singapore, Australia, and Indonesia.

The crypto alternate even attracted the attraction of Coinbase which supposed for an acquisition within the first quarter of this yr. Nevertheless, the deal fell via, and the American alternate ended up making an undisclosed “strategic funding” into the Asian counterpart.

The funding got here as part of a Collection B+ funding spherical of the crypto alternate that valued it at $400 million. The corporate beforehand raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital, and Grasp Advert.

After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as properly.

Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market is displaying some indicators of restoration.

A number of different crypto platforms, largely lenders, additionally took related steps after the newest crypto market crash. Celsius, which has now filed for chapter, halted withdrawals in June, adopted by Singapore-based Vauld which can also be contemplating restructuring.

Singapore-based cryptocurrency alternate, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.

In a Tweet by the crypto alternate, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the alternate didn’t present additional particulars in regards to the transfer, it didn’t specify for a way lengthy this withdrawal suspension can be efficient.

One other Collapse?

Zipmex operates throughout a number of international locations within the Asia Pacific area. Nevertheless, it’s identified for its robust footing in Thailand. It additionally has a presence in Singapore, Australia, and Indonesia.

The crypto alternate even attracted the attraction of Coinbase which supposed for an acquisition within the first quarter of this yr. Nevertheless, the deal fell via, and the American alternate ended up making an undisclosed “strategic funding” into the Asian counterpart.

The funding got here as part of a Collection B+ funding spherical of the crypto alternate that valued it at $400 million. The corporate beforehand raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital, and Grasp Advert.

After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as properly.

Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market is displaying some indicators of restoration.

A number of different crypto platforms, largely lenders, additionally took related steps after the newest crypto market crash. Celsius, which has now filed for chapter, halted withdrawals in June, adopted by Singapore-based Vauld which can also be contemplating restructuring.

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