Digital currency exchange Zipmex snags US$3M pre-Series A round of funding
Zipmex, a Singapore-based currency exchange focussed on providing retail and institutional investors the ability to invest securely in cryptocurrencies, announces that it has raised US$3 million in a pre-Series A round led by blockchain technology group Infinity Blockchain Holdings, as reported by The Business Times. The startup claimed that the recent funding has put its valuation in US$18 million.
Six investors, who mainly are angel investors, took part in the funding round.
As for the planning to distribute the funding, Marcus Lim, Zipmex’s co-founder, and CEO said: “With backing from such an established group within the blockchain industry, we will accelerate our Asia-Pacific expansion plans, with a license application underway for a Thailand-centric exchange.”
The funding also will see Zipmex working closely with Infinity Blockchain Holdings to explore synergies across community awareness and blockchain solutions for business-to-business and business-to-consumer clients, with the potential to explore future capital-related activities.
Infinity Blockchain Holdings, which is also a Singapore-based company, said it contributed US$500,000 into the round. The group is also known to back several blockchain startups such as Cardano and NEO.
Just recently, Zipmex entered Indonesia and Australia with the launching of country-centric digital currency exchange platforms in both countries.
Infinity Blockchain Holdings comprises Infinity Blockchain Ventures, a blockchain consulting and development firm, as well as Infinity Blockchain Labs, which specialises in blockchain technology applications.
Apart from backing from Infinity Blockchain Holdings, Zipmex has also received investment from AEC Securities Public Company in Thailand, which specialises in securities and investment banking.
Zipmex said that its mission is to support the nascent growth of the global cryptocurrency industry. Using a suite of trading features and charting tools, Zipmex’s platform provides users with access to a liquid market for a varied selection of cryptocurrencies.