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Troubled Crypto Exchange Zipmex Is in Advanced Takeover Talks

A deal to sell a majority stake is on track to be completed this week.

Updated May 9, 2023, 4:01 a.m. Published Nov 2, 2022, 3:20 p.m.

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.

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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.

Zipmex acquisition Venture Capital

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.