Zipmex Thailand signs 2nd MoU with investors in a bid to gain extra funding


Zipmex (Thailand) announced on Wednesday that it had signed a second memorandum of understanding (MoU) with another group of possible buyers of its stakes.

The latest MoU was signed on the heels of the first one being inked on July 24 with a group of investors.

Zipmex did not provide details of the two groups of possible buyers.

“Today, the company signed another MoU to speed up efforts to inject funds into the company,” Zipmex Thailand announced on Wednesday.

The firm said it had received initial funding from a “big investor, who has potential and who is interested in investing with Zpmex”.

“The company will go ahead and try to reach a deal with this investor and the company hopes it will be able to obtain funds to solve problems as soon as possible,” the statement said.

The problems referred to in the statement were apparently digital assets losses by Zipmex’s clients, who deposited their crypto coins into ZipUp+.

ZipUp+ is an interest-bearing account that offers an attractive yield as high as 10 per cent when investors deposit their digital assets such as bitcoin (BTC), ethereum (ETH), USD coin (USDC) and tether (USDT).

On July 20, Zipmex Thailand paused trading for two hours to remove ZipUp+ from its platform, claiming that ZipUp+ was not its product but belongs to key partner Zipmex Global in Singapore.

Zipmex Global had deposited ZipUp+ coins into two crypto lenders, Babel Finance and Celsius, which were unable to return the deposited assets because of their losses.

Zipmex Thailand said the exposure amount was US$48 million (approximately 1.7 billion baht) to Babel Finance and $5 million to Celsius.

Since July 20, Zipmex Thailand has been talking about buyouts in the hope of gaining more funds so that it could return the lost assets to its clients.

The latest statement on Wednesday added that trading of all crypto coins is resuming on the Zipmex Thailand platform on Thursday. Earlier, trading of some coins was disabled for “system stability” reasons.