By Nathan Ferguson
Zipmex, a crypto exchange in Asia, has requested the Securities and Exchange Commission of Thailand as well as the rest of the regulatory agencies within the country to have meetings with them regarding the recovery plan of the platform.
Zipmex Requests for Discussions with Thai Watchdogs for a Recovery Plan
A statement was released by Zipmex on 25th August in which the company stated that a letter has been submitted by it in which a request has been made for meetings with the SEC, in which the potential investors of the company will also be present. In that statement, it added that their investors will be introduced to the regulators and the venue will present the recovery strategy in front of the agencies of the government.
Although no significant information was provided by the firm regarding the investors to be included in the events, Zipmex mentioned having reached the advanced phases of conversation with a couple of investors following inking 3 memorandums of understanding (MOUs) during the previous month. Firstly, the respective funding round was reported in June, signifying that the likely capital incorporation was not linked to the latest financial promises of the firm.
As per the platform, the investors with whom they have been conversing are completely in the knowledge of the potential of the company as well as additionally share their mission and vision regarding the development of the digital economy throughout Thailand and more broadly in Southeast Asia. Notwithstanding the unavailability of the names at present, the worth of the funding will be $40M at a $400M valuation.
Zipmex to Get a Strategic Investment from Coinbase
A noteworthy thing here is that Coinbase has in advance declared an unrevealed strategic investment in the struggling exchange during the 1st quarter this year. The discussions’ request is witnessed a month following the launch of a hotline by the regulator for the investors influenced due to the withdrawal suspensions to report the complaints thereof regarding the matter.
On 15th August, it was reported that the firm had obtained creditor protection for up to 3 months, shielding the exchange from likely creditor legal suits until 2nd December to manage a restructuring strategy. As the regulators are now focused on Zipmex, the impending discussions are to offer significant information regarding the plan of the platform to proceed further.