Bloomberg reports that V Ventures, a subsidiary of Thoresen Thai Agencies Pcl, is offering $30 million in cash and the remainder in crypto tokens to acquire the embattled Asian cryptocurrency exchange Zipmex Asia Pte.
The total acquisition funds of $100 million are expected to acquire around 90% of Zipmex, declining to be identified due to the privacy of the buyer. According to the court hearing, withdrawals were halted following a crypto rout and would be gradually resumed by early April using the cryptocurrency obtained from the sale.
Given the “current sensitivities,” Zipmex spokesperson declined to comment while an email asking for feedback received no response from V Ventures. When contacted by phone to inquire about if the company has signed an agreement to acquire Zipmex, Chalermchai Mahagitsiri, a general partner at V Ventures, denied commenting.
Zipmex is an Asia-leading digital assets exchange platform operating in Singapore, Thailand, Indonesia, and Australia. In July, the firm filed for bankruptcy protection, citing liquidity issues. After being granted protection from creditors in Singapore in August, it had been undergoing restructuring.
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