US cryptocurrency exchange Coinbase is investing in Southeast Asian cryptocurrency exchange Zipmex after opting out of an initial plan for full acquisition.
Zipmex has been searching for investors in recent weeks, intending to raise about $40 million at a valuation of $400 million. Sources say that Babel Finance will reportedly lead the investment round.
A representative from Zipmex noted that the company was in the process of raising Series B+ and was engaging multiple investors, pending the finalization of the matter.
An acquisition had been under discussion by the two entities before the strategic investment was settled. The cryptocurrency exchange signed the term sheet for the investment in March.
Zipmex was founded in 2018 by its CEO Marcus Lim, and the company has so far closed about $52 million in two Series B funding. Zipmex is based in Singapore with origins in Thailand.
Source: THE BLOCK
