Zipmex, a digital belongings trade headquartered in Singapore, introduced as we speak it has raised $6 million in funding led by Jump Capital. The startup, which plans to turn into a digital belongings financial institution, says the spherical exceeded its preliminary goal of $four million. Along with earlier funding, it brings the overall Zipmex has raised to date to $10.9 million.
The trade is regulated in Singapore, Australia and Indonesia, and licensed in Thailand. It focuses on traders new to cryptocurrency with instructional options, in addition to excessive net-worth people, and says it has transacted over $600 million in gross transaction quantity since launching on the finish of 2019.
The funding can be used on hiring and so as to add extra product choices. In addition to its cryptocurrency trade, Zipmex’s companies additionally embrace ZipUp, its interest-bearing accounts, and its personal ERC-20 token ZMT.
Zipmex’s purpose is to turn into the biggest digital trade within the Asia Pacific, the place curiosity in cryptocurrency investing and blockchain expertise is rising shortly. For instance, DBG Group Holdings, Southeast Asia’s largest lender, lately launched a crypto trade, although it’s presently open solely to skilled traders.
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But Zipmex can also be up towards a roster of opponents, together with regional exchanges like BitKub in Thailand and Swyftx in Australia, in addition to gamers like Luno, Coinbase and Binance that are focusing on development within the Asia Pacific area.
Zipmex chief government officer Marcus Lim mentioned the corporate’s ambition to turn into a digital belongings financial institution units it aside from different exchanges. “We presently provide prospects to take a position and earn curiosity on their digital belongings,” he advised TechCrunch. “In the longer term, we’re planning to roll out funds and lending and the funding into securitized tokens.”
Other cryptocurrency startups that Jump Capital, an American enterprise capital agency, has invested in embrace BitGo and TradingView. Its father or mother firm, buying and selling agency Jump Trading, powers Robinhood’s crypto trades.
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