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V Ventures to buy Asian stock exchange Zipmex

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According to BloombergThai V Ventures is about to get Zipmexa cryptocurrency trading platform that froze withdrawals on its service this summer.

July, Zipmex abruptly halted withdrawals from its platform due to “volatile market conditions and the resulting financial difficulties of its major partners.” Exposed to Celsius and lender Babel Finance, the exchange has since been looking to raise funds to get out of its predicament.

According to people close to the matter quoted by Bloombergthe Singapore company would be close to find a agreement with a Thai VC.

V Venturesa subsidiary of Thoresen Thai Agenciesone of the largest investment companies in Thailand, would offer US$100 million70 million of which was in digital currencies, to take approx. 90% of the capital of the exchange. The cryptocurrencies received through the agreement would be used to restore frozen customer portfolios by spring 2023.

Zipmex is in is being restructured after obtaining creditor protection in Singapore in August.

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