Shadine Taufik · · 1 min readCoinbase to pour money into SG digital asset exchange Zipmex
US-based crypto platform Coinbase will make strategic investments in Zipmex, a digital asset exchange headquartered in Singapore, The Block reported.
Earlier this year, Coinbase was looking to acquire Zipmex. But the US platform signed a term sheet committing to an investment in March instead.
Zipmex has raised a total of US$52 million in its series B round, raking in US$41 million in September 2021 and US$11 million in March 2022. It is looking to close a US$40 million series B+ later this year at a valuation of US$400 million. The startup is backed by investors B Capital, TNB Aura, Master Ad, MindWorks Capital, and Bank of Ayudhya’s Krungsri Finnovate.
See also: Coinbase’s Asian expansion: wrong place, wrong time?
Zipmex was established in 2018 by its CEO Marcus Lim. In addition to Singapore, the company has branches in Indonesia, Thailand, and Australia.
Coinbase recently announced that it has extended its “hiring pause for the foreseable future” due to “current market conditions and ongoing business prioritization efforts.” It also plans to rescind several accepted job offers. These moves come after the company incurred a US$430 million net loss in the first quarter of 2022.
Editing by Deepti Sri and Joy Tirkey
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