The volume of venture capital invested in cryptocurrencies for the first six months of 2021 has doubled compared to previous years. This August 31, the Thai start-up Zipmex specialized in cryptocurrencies announced to have raised $ 41 million from Bank of Ayudhya Pcl, as well as some media companies. The total amount of funds raised by the exchange thus reaches $ 52 million.
Zipmex is a decentralized crypto exchange that took its first steps in January 2019 in Thailand, where the industry was at the time at the very dawn of regulation. Pending clearance by Thai regulatory institutions, the company was quick to enter other parts of Southeast Asia, including Indonesia and Australia.
Krungsri Finnovate, a venture capital arm of Bank of Ayudhya, participated in this investment round launched by Zipmex. Bank of Ayudhya, a member of the Japanese financial group Mitsubishi UFG Financial Group, is therefore one of the first in the world and the first among Southeast Asian banks to have invested in a digital asset platform. Zipmex plans to use the funds to develop its technical infrastructure, create new partnerships, attract talented employees and diversify the offer.
Marcus Lim, founder and CEO of Zipmex, said the funds in question would help increase the company’s influence in key markets. More than half of Zipmex’s customers live in Thailand, a fifth in Indonesia, but the platform has users in Singapore and Australia and this is where the expansion is planned.
As a reminder: media have mentioned a tightening of the rules for creating an account on Thai Bitcoin exchanges, the last being now forced to scan the chip integrated in the citizen’s identification card before creating an account.
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