Crypto Exchange Zipmex Secures $41M in Series B For Its Banking Services

Singapore-based crypto exchange Zipmex announced it has raised $41 million in a Series B funding round to develop its banking services and attract new talent.

Crypto Exchange Zipmex Secures $41M in Series B For Its Banking Services
Zipmex Logo Via Optimisus

The Series B funding round saw the participation of one of Thailand’s largest banks.

According to Zipmex, many investors participated in the round. One of Thailand’s largest banks also participated. Also, other investors like Bank of Ayudhya, and Krungsri Finnovate, joined Thailand’s multimedia firms Plan B Media and Master Ad (MACO), which recently invested $9.2 million.

In a press release, Zipmex said that the Bank of Ayudhya is one of the first banks globally and the first in Southeast Asia to invest in a digital asset platform.

In addition, Zipmex plans to use this fund to develop its technological infrastructure, join in new business partnerships, attract new talent, and expand its offerings.

During the interview, Marcus Lim founder, and CEO of Zipmex, said that they would use the fund to expand their markets in Indonesia and Thailand while they wait for a license from Singapore’s top financial watchdog.

Currently, crypto exchange Zipmex operates under the Payment Services Act, Singapore’s framework for digital payment systems and payment service providers.

According to Marcus Lim, Zipmex primarily focuses on the fiat to the crypto market. But, it recently grew its vision from being “just an exchange” to a “digital asset bank."

Also, Marcus Lim added,

“The first step toward that vision has been to offer an interest-bearing account,” said Lim, who points toward Zimex’s “earn” product. “The other two services we are looking to launch, which are the pillars of banking, are lending and also payments.”