Troubled Crypto Exchange Zipmex Is in Advanced Takeover Talks

Zipmex is reportedly in buyout talks with V Ventures. (Michal Jarmoluk/Pixabay)

Cryptocurrency exchange Zipmex is in advanced discussions with venture capital fund V Ventures over the sale of a majority stake in the business, according to Bloomberg.

“The company is on track to sign on Friday, but still negotiating terms even at this hour,” a marketing spokesperson told CoinDesk. The value of the deal remains undisclosed.

The exchange, which offered crypto trading and investment services in Thailand, Indonesia, Singapore and Australia, froze withdrawals after Babel Finance and Celsius Network failed to repay loans worth $53 million during a downturn across the crypto sector. Zipmex appointed a restructuring firm to assist with a recovery plan in August after filing for protection from creditors in July.

V Ventures is a subsidiary of Thoresen Thai Agencies, one of Thailand’s largest and longest-serving investment firms.

In August, Zipmex said it was in “advanced talks” with two investors.

UPDATE (Nov. 2, 16:24 UTC): Adds company quote in second paragraph; removes “Report” from headline.

UPDATE (Nov. 2, 16:46 UTC): Changes attribution in quote.