Coinbase to Invest in Zipmex, Expanding FootPrint Across Southeast Asia

Fazzaco learned that Coinbase has agreed to invest in Zipmex, a Singapore-headquartered crypto exchange. 

Zipmex, founded by CEO Marcus Lim in 2018, is seeking to secure about $40 million with a valuation to $400 million, according to sources familiar with this matter. 

The company has reportedly secured around $52 million in Series B funding and the capital were targeted to expand its footprint across Southeast Asia. Its existing investors include B Capital, TNB Aura, V Ventures, Bank of Ayudhya's Krungsri Finnovate, Master Ad and MindWorks Capital.

"We are in process of raising Series B+ and are speaking to a range of investors. We have not finalized lead investors or valuation." said a spokesperson for Zipmex.

According to reports, Coinbase has ever considered the acquisition of Zipmex after a discussion with the latter, but they  finally reached a consensus on a strategic investment and a term sheet has been signed to show Coinbase's promise in March.

Fazzaco once reported that Zipmex was granted licence from Thailand’s SEC to offer its services in the country. In addition, the crypto exchange has reportedly accounted for roughly a quarter of the turnover of the digital assets market in Thailand.

Before this new strategic investment in Zipmex, Coinbase has suffered poor financial results in the first quarter of 2022 and halted operation in India due to "informal pressure" from the country's central bank. Most recently, the company joined the crypto firms which has recently announced staff reduction to cut costs. Therefore, this new action, under such market conditions, may show its determination to expand crypto footprint across the world.