Cryptocurrency exchange Zipmex raises $41m to evolve into a “Digital Asset Bank”
Zipmex is a cryptocurrency exchange headquartered in Singapore, servicing residents from Thailand, Singapore, Indonesia and Australia.
Its latest round of funding has largely come from a partnership with Thailand's fifth-largest bank, the Bank of Ayudhya. This bank is one of the few globally, and the first in South-East-Asia, to significantly contribute to the development of a cryptocurrency platform, according to a press release from Zipmex.
The Bank of Ayudhya joins multimedia businesses Plan B Media, Master Ad of Thailand and MindWorks Capital as backers of Zipmex's exchange platform.
Fully licensed and regulated in Australia and Indonesia, Zipmex is in the process of finalising its compliance with Thai and Singapore regulatory laws.
Founded in 2019, Zipmex's exchange has focussed on crypto-to-fiat spot markets aimed at novice investors in the SEA region, offering an easily accessible platform for digital assets. With this new round of funding in tow, Zipmex aims to expand its features.
Headlining the platform's new functions is ZipWorld, a space intended to bridge the gap between digital currency and the 'real world', offering its users the ability to 'unlock' unique lifestyle products and 'one-of-a-kind experiences' with Zipmex's native ZMT token.
Furthermore, this newly raised capital will be significant for Zipmex's clientele expansion efforts, with CEO Marcus Lim aiming to double their userbase to exceed 'one million within the next six months'. This will involve a specific focus on growing their Australian and Singaporean markets.
Lim has stated that they have shifted their goal from being 'just an exchange' to being an all-encompassing 'digital asset bank'. This will involve the addition of an interest-bearing account, as well as securities, lending and repayment services.
This new partnership comes on the back of the news earlier in August that Zipmex had forged an alliance with global finance company Visa. This allowed ZipSpend (a crypto payment option) to expand into Visa's multi-national merchant network. The next step for this partnership is a Visa-backed card that can be used for in-person crypto transactions, though Zipmex has a few regulatory hoops to jump through before this can become a reality. It is slated for a launch later in 2021, pending licensing.
Zipmex was founded in Thailand by Australian Marcus Lim and has a number of Australian members that sit on the executive team. Since its inception, Zipmex has executed more than USD$4 billion in transactions.
Disclosure: The author owns a range of cryptocurrencies at the time of writing