Singaporean digital assets exchange Zipmex rakes in $6m in new funding

Singapore-based digital assets exchange Zipmex said it has secured US$6 million in funding in a round led by US venture capital firm Jump Capital.

The raise, which exceeded Zipmex’s initial target of US$4 million, follows the startup’s US$3 million pre-series A round in September 2019 and its US$1.9 million seed round in January earlier the same year.

Zipmex CEO Marcus Lim / Photo credit: Zipmex

Zipmex has created a liquid market for a wide selection of cryptocurrencies. It looks for global investment access for cryptocurrencies and makes them available on its app and website.

Since launching in 2019, the company said its platform has transacted over US$650 million in gross volume with more than 100,000 registered users.

According to Zipmex, the new capital will be used to diversify its product offerings, including the expansion of its interest-bearing product ZipUp and its new native token ZMT.

The move comes as digital asset investing continues to soar. Just this month, the price of bitcoin set a record high coming in at US$41,941, while over US$20 billion has been locked into decentralized finance protocols. Zipmex said it aims to capitalize on this trend with the launch of ZipUp and ZMT.

With ZipUp, retail investors can choose to invest in a wide range of assets, including bitcoin, ether, USD Circle, Tether, and xBullion. Interest is paid daily with no fixed term and no minimum deposit amount. Meanwhile, ZMT offers its holders exclusive benefits such as higher ZipUp interest rates, trading fee discounts, and lower lending rates.

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“ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets,” said Zipmex CEO Marcus Lim. “We see a big opportunity for digital assets to grow, particularly with the technological innovations of decentralized finance protocols and solutions.”