Crypto exchange Zipmex in buyout talks with V Ventures

Singapore – Zipmex, the embattled Asian cryptocurrency exchange, is in advanced talks to receive a financial lifeline from one of its investors, people with knowledge of the matter said. 

Zipmex is “on track to sign a majority buyout” agreement this week, the company said in an e-mail to Bloomberg News on Wednesday, without naming the buyer.

It is in talks with venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies, according to the people, who asked not to be identified discussing confidential information. 

V Ventures did not immediately respond to an e-mail seeking comment. Negotiations are ongoing, and it is not certain if these will lead to a deal, the people said. 

Bangkok-based Zipmex has been restructuring after being

granted protection from creditors in Singapore in August.

It was derailed by a wave of defaults that ripped through the crypto industry in June and July, claiming high-profile casualties including lender Celsius Network and hedge fund Three Arrows Capital. Bloomberg