Zipmex Seeks Meeting with Thai Regulator Before Closing Funding
Announced on Thursday, the exchange wants to reveal its recovery plans to the regulator and other government agencies.
“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies,” Zipmex said in a statement.
A Major Asian Crypto Exchange
Zipmex operates across several countries in the Asia Pacific region. However, it is known for its strong footing in Thailand, where it operates with a regulatory license. Additionally, it has a presence in Singapore, Australia, and Indonesia.
The troubles of Zipmex started due to its exposure to Babel Finance, an Asian crypto lending
Crypto Lending
The process of lending cryptocurrency assets with an accrued interest rate and due date is known as crypto lending. The process of crypto lending often occurs through cryptocurrency exchanges or online lending platforms to connect borrowers to lenders. Lenders of crypto lending are comprised of institutional lenders, like hedge funds and asset managers, individual participants, or entities seeking to accrue interest. On the opposite end of the spectrum, borrowers of crypto lending include market makers, proprietary traders, investment managers, hedge funds, traders.These entities or individuals look to short the market, arbitrage-based traders, or entities who need to fulfill an obligation with another party. Different Types of Crypto LendingWhile the process of crypto lending is simply, there are four types of crypto lending practices that traders should familiarize themselves with.Companies, individuals, or entities who possess an excess of cryptocurrencies can earn additional cryptocurrencies through crypto lending. Crypto-to-crypto lending materializes in the form of a smart contract, where crypto lenders can earn interest for a specific period. Common cryptocurrencies that are lent include Bitcoin, Ethereum, and Altcoins. Two examples of crypto-to-crypto lending include Nuo and Coincheck. Moreover, margin lending is a new type of crypto lending, which enables lenders to fund varying cryptocurrencies to borrowers as opposed to a single crypto asset. Typically, lenders of margin lending fix their interest rate and contract duration while occurring over a centralized platform such as Nuo and Bitfinex. While less common, crypto-to-fiat lending occurs when individuals, businesses, or entities require cash. Cryptocurrencies are used as collateral while the lender receives a fiat return which generally is credited to a linked bank account. Finally, crypto-credit lending occurs when entities need capital. Opposed to peer-to-peer (P2P) lending, crypto-credit lending places less emphasis on credit history although this comes with a sacrifice of regulation.
The process of lending cryptocurrency assets with an accrued interest rate and due date is known as crypto lending. The process of crypto lending often occurs through cryptocurrency exchanges or online lending platforms to connect borrowers to lenders. Lenders of crypto lending are comprised of institutional lenders, like hedge funds and asset managers, individual participants, or entities seeking to accrue interest. On the opposite end of the spectrum, borrowers of crypto lending include market makers, proprietary traders, investment managers, hedge funds, traders.These entities or individuals look to short the market, arbitrage-based traders, or entities who need to fulfill an obligation with another party. Different Types of Crypto LendingWhile the process of crypto lending is simply, there are four types of crypto lending practices that traders should familiarize themselves with.Companies, individuals, or entities who possess an excess of cryptocurrencies can earn additional cryptocurrencies through crypto lending. Crypto-to-crypto lending materializes in the form of a smart contract, where crypto lenders can earn interest for a specific period. Common cryptocurrencies that are lent include Bitcoin, Ethereum, and Altcoins. Two examples of crypto-to-crypto lending include Nuo and Coincheck. Moreover, margin lending is a new type of crypto lending, which enables lenders to fund varying cryptocurrencies to borrowers as opposed to a single crypto asset. Typically, lenders of margin lending fix their interest rate and contract duration while occurring over a centralized platform such as Nuo and Bitfinex. While less common, crypto-to-fiat lending occurs when individuals, businesses, or entities require cash. Cryptocurrencies are used as collateral while the lender receives a fiat return which generally is credited to a linked bank account. Finally, crypto-credit lending occurs when entities need capital. Opposed to peer-to-peer (P2P) lending, crypto-credit lending places less emphasis on credit history although this comes with a sacrifice of regulation.
Read this Term platform now under liquidation. The exchange suspended withdrawals in July, but now resumed transfers for a handful of coins.
Zipmex was also granted a moratorium period until December 2 from a Singapore court, protecting the company from any claims of its creditors. It is utilizing this time to bring other investors and draft a recovery plan.
Though Zipmex did not reveal the names of its potential investors, it highlighted that it was in the “advanced stages” of discussion with two potential investors. It even signed three memorandums of understanding (MOUs) over the last month.
The exchange is expected to receive a check of $40 million at a valuation of $400 million, though there is no official confirmation about that.
“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” the exchange stated.
Interestingly, Coinbase earlier showed its interest in acquiring Zipmex to penetrate the Southeast Asian markets. However, the American giant ended up only investing in the Asian competitor.
Announced on Thursday, the exchange wants to reveal its recovery plans to the regulator and other government agencies.
“We have requested meetings with Thailand’s Securities Exchange Commission and regulators in the country where we operate to introduce our investors to regulators and present our recovery plan to government agencies,” Zipmex said in a statement.
A Major Asian Crypto Exchange
Zipmex operates across several countries in the Asia Pacific region. However, it is known for its strong footing in Thailand, where it operates with a regulatory license. Additionally, it has a presence in Singapore, Australia, and Indonesia.
The troubles of Zipmex started due to its exposure to Babel Finance, an Asian crypto lending
Crypto Lending
The process of lending cryptocurrency assets with an accrued interest rate and due date is known as crypto lending. The process of crypto lending often occurs through cryptocurrency exchanges or online lending platforms to connect borrowers to lenders. Lenders of crypto lending are comprised of institutional lenders, like hedge funds and asset managers, individual participants, or entities seeking to accrue interest. On the opposite end of the spectrum, borrowers of crypto lending include market makers, proprietary traders, investment managers, hedge funds, traders.These entities or individuals look to short the market, arbitrage-based traders, or entities who need to fulfill an obligation with another party. Different Types of Crypto LendingWhile the process of crypto lending is simply, there are four types of crypto lending practices that traders should familiarize themselves with.Companies, individuals, or entities who possess an excess of cryptocurrencies can earn additional cryptocurrencies through crypto lending. Crypto-to-crypto lending materializes in the form of a smart contract, where crypto lenders can earn interest for a specific period. Common cryptocurrencies that are lent include Bitcoin, Ethereum, and Altcoins. Two examples of crypto-to-crypto lending include Nuo and Coincheck. Moreover, margin lending is a new type of crypto lending, which enables lenders to fund varying cryptocurrencies to borrowers as opposed to a single crypto asset. Typically, lenders of margin lending fix their interest rate and contract duration while occurring over a centralized platform such as Nuo and Bitfinex. While less common, crypto-to-fiat lending occurs when individuals, businesses, or entities require cash. Cryptocurrencies are used as collateral while the lender receives a fiat return which generally is credited to a linked bank account. Finally, crypto-credit lending occurs when entities need capital. Opposed to peer-to-peer (P2P) lending, crypto-credit lending places less emphasis on credit history although this comes with a sacrifice of regulation.
The process of lending cryptocurrency assets with an accrued interest rate and due date is known as crypto lending. The process of crypto lending often occurs through cryptocurrency exchanges or online lending platforms to connect borrowers to lenders. Lenders of crypto lending are comprised of institutional lenders, like hedge funds and asset managers, individual participants, or entities seeking to accrue interest. On the opposite end of the spectrum, borrowers of crypto lending include market makers, proprietary traders, investment managers, hedge funds, traders.These entities or individuals look to short the market, arbitrage-based traders, or entities who need to fulfill an obligation with another party. Different Types of Crypto LendingWhile the process of crypto lending is simply, there are four types of crypto lending practices that traders should familiarize themselves with.Companies, individuals, or entities who possess an excess of cryptocurrencies can earn additional cryptocurrencies through crypto lending. Crypto-to-crypto lending materializes in the form of a smart contract, where crypto lenders can earn interest for a specific period. Common cryptocurrencies that are lent include Bitcoin, Ethereum, and Altcoins. Two examples of crypto-to-crypto lending include Nuo and Coincheck. Moreover, margin lending is a new type of crypto lending, which enables lenders to fund varying cryptocurrencies to borrowers as opposed to a single crypto asset. Typically, lenders of margin lending fix their interest rate and contract duration while occurring over a centralized platform such as Nuo and Bitfinex. While less common, crypto-to-fiat lending occurs when individuals, businesses, or entities require cash. Cryptocurrencies are used as collateral while the lender receives a fiat return which generally is credited to a linked bank account. Finally, crypto-credit lending occurs when entities need capital. Opposed to peer-to-peer (P2P) lending, crypto-credit lending places less emphasis on credit history although this comes with a sacrifice of regulation.
Read this Term platform now under liquidation. The exchange suspended withdrawals in July, but now resumed transfers for a handful of coins.
Zipmex was also granted a moratorium period until December 2 from a Singapore court, protecting the company from any claims of its creditors. It is utilizing this time to bring other investors and draft a recovery plan.
Though Zipmex did not reveal the names of its potential investors, it highlighted that it was in the “advanced stages” of discussion with two potential investors. It even signed three memorandums of understanding (MOUs) over the last month.
The exchange is expected to receive a check of $40 million at a valuation of $400 million, though there is no official confirmation about that.
“The investors we have been in discussion with fully understand our potential and also share our vision and mission of developing the digital economy in Thailand and Southeast Asia,” the exchange stated.
Interestingly, Coinbase earlier showed its interest in acquiring Zipmex to penetrate the Southeast Asian markets. However, the American giant ended up only investing in the Asian competitor.