March 28, 2024

V Ventures fund announced the purchase of the cryptocurrency exchange Zipmex Asia

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V Ventures fund announced the purchase of the cryptocurrency exchange Zipmex Asia

Asian cryptocurrency exchange Zipmex Asia will be acquired by a venture capital fund for approximately $100 million.

After weeks of negotiations on the deal, the V Ventures fund finally received approval from the Singapore judiciary.

V Ventures, a subsidiary of Thoresen ThailandAgencies does not disclose the names of the final beneficiaries of the transaction, but clarifies that the fund is going to acquire about 90% of Zipmex shares. The fund is paying Zipmex $30 million in cash and about $70 million in cryptocurrency for the securities. 

V Ventures says the cryptocurrency will be used to gradually unlock the frozen wallets of Zipmex customers. Unlocking should be completed by April 2023.

In August, the Supreme Court of Singapore freed
cryptocurrency exchange Zipmex from lawsuits andcreditor claims for three months. Judge Aedit Abdullah imposed a moratorium on filing lawsuits against Zipmex-linked companies operating in Singapore, Thailand, Indonesia and Australia until December 2. This allowed the trading platform to develop a financial plan to overcome the crisis situation and find business buyers.