Singapore based crypto exchange Zipmex announced recently that it has raised US$3 million in a pre-Series A round led by blockchain technology group Infinity Blockchain Holdings (IBH).
On Sept 30. The Business Times reported that the startup valuation rose up to US$18 million with participation from six investors.
Zipmex-IBH Partnership
Co-founder and CEO of Zipmex, Marcus Lim said, “With backing from such an established group within the blockchain industry, we will accelerate our Asia-Pacific expansion plans, with a license application underway for a Thailand-centric exchange.”
‘The funding will also have Zipmex working closely with Infinity Blockchain Holdings to explore synergies across community awareness and blockchain solutions for business-to-business (B2B) and business-to-consumer (B2C) clients, with the potential to explore future capital-related activities.’
Infinity Blockchain Holdings contributed to US$500,000 into the round. It is known to back up many blockchain startups such as Cardano and NEO.
Zipmex Expansion
Singapore is one the country has the most registered number of digital exchanges according to data from Bitfury’s blockchain analytics platform Crystal.
Zipmex recently expanded to Indonesia and Australia with the ‘launch of its country-centric digital currency exchange platforms.’
The cryptocurrency exchange says that its mission to support the growth of the global cryptocurrency industry.
Source: asiablockhainreview.com| Image: zipmex