Thai Zipmex bitcoin exchange raises $41 million

Thai cryptocurrency exchange Zipmex has raised $41 million, with investors including the country’s fifth-largest lender Bank of Ayudhya (BAY), media firms, and venture funds.

🎊🎉Zipmex had raised $41 million from the country’s fifth-largest lender, Bank of Ayudhya Pcl BAY.BK, as well as media firms, and plans to expand product offerings and its user base.
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👉Read more about this here https://t.co/UUVtw47eIP
.#Zipmex #ZipmexAsia #Krungsri

— ZIPMEX (@zipmex) August 31, 2021

Following the round, Zipmex’s total financing reached $52 million.

Seventy-six point nine percent of BAY’s shares are owned by Japanese financial giant Mitsubishi UFJ Financial Group. The bank invests in startups through its venture arm, Krungsri Finnovate.

In the round, the institution joined Thai firms Plan B Media and Master Ad.

According to Krungsri Finnovate’s managing director Sam Tansakul, the deal will give BAY greater access to blockchain and the digital-asset ecosystem.

“If we don’t stay closer, technology will distance itself from the bank,” he said.

In the short term, the new funding will enable Zipmex to double its user base to one million within the next six months, said Chief Executive Marcus Lim.

More than half of the exchange’s customers are in Thailand, about a fifth in Indonesia. The platform also has users in Singapore and Australia, where further expansion is planned, Lim said.

Zipmex plans to strengthen its technology and compliance teams to develop new products in lending, payments, and securities.

Earlier reports noted tightening of registration for Bitcoin exchanges in Thailand.

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