In a tweet, the corporate cited risky market circumstances and the “ensuing monetary difficulties of our key enterprise companions” as causes behind the halt.
Because of a mix of circumstances past our management together with risky market circumstances, and the ensuing monetary difficulties of our key enterprise companions, to take care of the integrity of our platform, we’d be pausing withdrawals till additional discover.
— ZIPMEX (@zipmex) July 20, 2022
Nevertheless, the agency didn’t determine the enterprise companions going through monetary turmoil.
Zipmex additionally didn’t present any info concerning when customers can count on withdrawals to renew.
Zipmex’s funds
Based in 2018, crypto change Zipmex presents companies throughout Southeast Asia together with Singapore, Thailand, and Indonesia, in addition to Australia. Though headquartered in Singapore, the change isn’t licensed by the Financial Authority of Singapore (MAS).
In August 2021, Zipmex raised $41 million in a Sequence B funding spherical. Traders included Krungsri Finnovate, the enterprise capital arm of the Financial institution of Ayudhya, Thailand’s fifth-largest financial institution by belongings and a subsidiary of Japan’s Mitsubishi UFJ Monetary Group (MUFG), Thai-listed multimedia firms Plan B Media and Grasp Advert (MACO). On the time, Zipmex stated that the agency will attain $1 billion in valuation within the months to come back.
In September 2021, Zipmex raised one other $11 million as a part of its Sequence B spherical. As of June 2022, Coinbase had agreed to a strategic investment in Zipmex and the agency was engaged on a Sequence B+ spherical at a valuation of $400 million.
A freezing development
Since final month, a number of crypto platforms have barred buyer withdrawals citing market volatility. This contains Celsius Community and Voyager Digital earlier than each corporations filed for chapter.
Babel Finance and CoinFLEX additionally paused withdrawals though CoinFLEX has since resumed withdrawals with a ten% restrict.
