Coinbase Agrees to Invest in Southeast Asian Crypto Exchange Zipmex

Coinbase has decided to invest in Southeast Asian crypto exchange Zipmex as part of its current financing round after deciding against a complete acquisition. According to those familiar with the situation, the pair explored buying Zipmex from Coinbase but ultimately decided on strategic investment. In March, Coinbase signed a term sheet agreeing to the investment. According to another source, Zipmex has been wooing investors in recent weeks in an attempt to fund roughly $40 million at a valuation of $400 million. They also mentioned that Babel Finance could lead the round, but a Babel spokeswoman declined to comment. Zipmex’s representative stated, “We are in the process of raising Series B+ and are speaking to a range of investors. We have not finalized lead investors or valuation. We cannot comment on market speculation or rumors.” Zipmex Raised Fund in Series B Fundraising Zipmex has already raised $52 million in Series B fundraising, with $41 million and $11 million investments made in September 2021 and March this year, respectively. B Capital, TNB Aura, V Ventures, Bank of Ayudhya’s Krungsri Finnovate, Master Ad, and MindWorks Capital are among its current investors. The funds from both rounds were set aside to help Zipmex expand its foothold in Southeast Asia. While Zipmex is legally based in Singapore, it has extensive roots in Thailand, where it holds a digital asset exchange license provided by the Thai Ministry of ...