Crypto Exchange, Zipmex, Is Set to Resume Ethereum and Bitcoin Issuance

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Bitcoin
Crypto Exchange, Zipmex, Is Set to Resume Ethereum and Bitcoin Issuance

A report from Zipmex revealed that the platform would begin releasing Bitcoin and Ethereum tokens in the coming days. The company’s spokesperson announced that the exchange would resume withdrawals of the coins following its suspension lift.

Zipmex Begins the Release of Ether and BTC Tokens

The exchanges’ spokesperson disclosed on Monday the return of Ethereum and Bitcoin coins to the platform following a brief suspension. In July, the Singapore-based crypto firm halted withdrawals of digital assets from its Z Wallets. 

The wallet at the time contained $53 million worth of crypto assets exposed to the Babel Finance and Celsius meltdowns. As a result, reports indicate that the Thai Securities and Exchange Commission is collating customer information and questioning customer service representatives about the incident. 

Following the latest development, about 60% of Zipmex’s customers would be able to access their funds. Furthermore, Zipmex operates in Indonesia, Australia, and Thailand.

A breakdown of the upcoming token release shows that the platform seeks to release Ethereum on August 11, followed by Bitcoin on August 16.

Moreover, Zipmex users could withdraw other tokens like XRP, SOL, and ADA.

Zipmex Seeks for Investors

The crypto exchange is one of many companies looking for investors to buy the firm. The crypto exchange announced that it had received a notice of interest from a potential investor about acquiring the crypto exchange. 

The company revealed that it had had a series of meetings with several interested buyers and had made significant progress. And one of the interested parties has tendered a non-binding agreement, which will set the tone for further negotiation.

The troubled crypto exchange is confident that a deal will manifest soon. However, it failed to provide further details of the agreement or name the potential buyer.

Like Celsius, Babel Finance, and CoinFLEX, Zipmex found itself unable to navigate the crypto market due to a slump in the price of digital assets. As a result, it had to halt withdrawals after the collapse of Celsius and Babel Finance, in which it holds a significant stake.

The downtrend in the prices of cryptocurrencies has pushed many crypto companies to the brink of bankruptcy. Others have leveraged the opportunity to strike deals with firms like FTX, which have solid financial footings. 

The Sam Bankman-Fried-led FTX has emerged as a powerhouse in the digital asset ecosystem as it plans to acquire struggling crypto firms. Accordingly, it has attempted to take over Robinhood, which the FTX CEO described as a business with potential. Meanwhile, Bankman-Fried has bailed out struggling crypto companies in the woods. 

FTX’s subsidiary, Alameda Research, also provided a loan of $500 million to Voyager Digital as part of its help to save some firms from winding up.

However, despite the setback, a deal for Zipmex is on the horizon. Reports indicate that Coinbase is also interested in taking over the struggling exchange. It, however, opted to make a strategic investment whose amounts are still undisclosed.

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.