Cryptocurrency exchange Zipmex, which wants to avoid bankruptcy, will reportedly be acquired by the venture capital fund.
Zipmex filed for bankruptcy last July. The Singapore Supreme Court then granted the cryptocurrency exchange more than three months of creditor protection. Continuing its recovery plans, the company took a new step and requested a meeting. There may be light at the end of the road for the stock market, which has secured creditor protection for all its assets by April next year.
Zipmex Receives $100 Million Investment
Embattled cryptocurrency exchange Zipmex is set to be acquired by a venture capital fund for around $100 million in crypto and cash.
According to the news in Bloomberg, a person close to the subject said that V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, is offering $30 million in cash and the rest in crypto. A share sale agreement was submitted detailing the terms of the deal, according to a court hearing held in Singapore on Friday, which did not reveal the identity of the buyer.
The person who said he would buy about 90 percent of Zipmex did not want his name to be disclosed because the information about the buyer is not public. According to the court hearing, the money from the deal will be used to gradually unlock Zipmex customers’ frozen wallets by early April.
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