Gabriel Budi Sutrisno · · 1 min readZipmex’s $100m buyout in jeopardy after investor skips payment deadline
Embattled crypto exchange Zipmex is facing issues with its US$100 million venture capital buyout as its investor missed a deadline to make a US$1.25 million payment, Bloomberg reported.
The payment was due on March 23 to fund working capital. Without it, the exchange may have to liquidate and suspend the payroll of its unit, Zipmex Technology Co.
Thailand-based V Ventures is acquiring the exchange, which has received three tranches of funding.
While Zipmex’s offices in Thailand, Singapore, and Indonesia can currently pay salaries, it is unclear if latest payments will be made.
Tech in Asia has reached out to Zipmex for confirmation and comments.
Zipmex has gotten flak from Thailand’s Securities and Exchange Commission (SEC), with the regulatory body scrutinizing whether the company broke its rules on digital assets.
See also: Indonesia’s crypto exchanges face fuzzy future amid new regulations
Editing by Miguel Cordon and Eileen C. Ang
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