Crypto exchange Zipmex asks for creditor protection extension to close takeover deal

Cryptocurrency exchange Zipmex applied for an extension of its creditor protection moratorium to attempt to conclude its takeover deal, according to a statement released on Friday.

According to a Nov, 18 Coindesk report, a person familiar with the matter said that Zipmex remains in talks with an investor over a takeover deal that may be completed as early as next week. The firm was granted three months of protection from creditors by Singapore’s High Court in August but the time proved to not be enough since its talks with venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies hit a “hiccup.”

Zipmex was a cryptocurrency exchange with entities in Thailand, Singapore, Indonesia and Australia that was unable to suffer through this year’s bear market. The company issued two loans to Babel Finance and Celsius Network worth $53 million and has not seen the money ever again, with Celsius even going bankrupt.