Singapore-based cryptocurrency change, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.
In a Tweet by the crypto change, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the change didn’t present additional particulars concerning the transfer, it didn’t specify for a way lengthy this withdrawal suspension will probably be efficient.
On account of a mix of circumstances past our management together with unstable 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
One other Collapse?
Zipmex operates throughout a number of nations within the Asia Pacific area. Nonetheless, it’s identified for its sturdy footing in Thailand. Moreover, it has a presence in Singapore, Australia and Indonesia.
The crypto change even attracted the attraction of Coinbase which was meant for an acquisition within the first quarter of this yr. Nonetheless, the deal fell through, and the American change ended up making an undisclosed ‘strategic funding’ into the Asian counterpart.
The funding got here as part of a Sequence B+ funding spherical of the crypto change that valued it at $400 million. Beforehand, the corporate raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital and Grasp Advert.
After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as nicely.
Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market have been exhibiting some indicators of restoration.
A number of different crypto platforms, principally lenders, took comparable steps after the most recent crypto market crash. Celsius, which has now filed for bankruptcy, halted withdrawals in June, adopted by Singapore-based Vauld which is contemplating restructuring.
Singapore-based cryptocurrency change, Zipmex suspended withdrawals from its platforms on Wednesday, citing a “mixture of circumstances” that have been past its management.
In a Tweet by the crypto change, it highlighted unstable market circumstances and the “ensuing monetary difficulties of our key enterprise companions” which have pushed it to take such drastic motion. Although the change didn’t present additional particulars concerning the transfer, it didn’t specify for a way lengthy this withdrawal suspension will probably be efficient.
On account of a mix of circumstances past our management together with unstable 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
One other Collapse?
Zipmex operates throughout a number of nations within the Asia Pacific area. Nonetheless, it’s identified for its sturdy footing in Thailand. Moreover, it has a presence in Singapore, Australia and Indonesia.
The crypto change even attracted the attraction of Coinbase which was meant for an acquisition within the first quarter of this yr. Nonetheless, the deal fell through, and the American change ended up making an undisclosed ‘strategic funding’ into the Asian counterpart.
The funding got here as part of a Sequence B+ funding spherical of the crypto change that valued it at $400 million. Beforehand, the corporate raised $52 million earlier with backers like B Capital, V Ventures, MindWorks Capital and Grasp Advert.
After the collapse of the acquisition deal, Zipmex’s Co-Founder and CEO, Marcus Lim blamed the market circumstances and highlighted that Coinbase adopted the identical technique in a number of different markets as nicely.
Zipmex took the drastic transfer when Bitcoin and the general cryptocurrency market have been exhibiting some indicators of restoration.
A number of different crypto platforms, principally lenders, took comparable steps after the most recent crypto market crash. Celsius, which has now filed for bankruptcy, halted withdrawals in June, adopted by Singapore-based Vauld which is contemplating restructuring.
