Cryptocurrency exchange Zipmex has planned to meet with the Securities Exchange Commission of Thailand along with other regulators to discuss the recovery plan.
The meeting will also be attended by potential investors of cryptocurrency company Zipmex. The exchange suspended withdrawals in July due to the financial crisis. A meeting attended by the Thai SEC and Zipmex investors is crucial before the funding agreement is finalized.
Zipmex stated,
We have requested meetings with Thailand’s Securities Exchange Commission and regulatory bodies to introduce our investors to regulators and present our recovery plan to government agencies.
The cryptocurrency exchange has signed a total of three Memorandums of Understanding (MOUs) in the past month. Currently, the company is in discussions with two of its potential investors.
Zipmex has not disclosed details about investors
Zipmex has not yet disclosed information about potential investors. The unit is currently in the final stages of discussion. The funding round took place on May 6 this year. That means the current inflow of capital into the company is not related to the company’s current financial troubles. Zipmex also stated that,
The investors we discussed fully understand our potential and also share our vision and mission to grow the digital economy in Thailand and Southeast Asia.
In recent times, the cryptocurrency exchange has also reactivated its Z wallet. This wallet allows users to earn and receive bonuses.
$40 million funding round
There is no information regarding Zipmex’s investors. The funding round was reportedly worth $40 million and valued at $400 million. The company is expected to release relevant information in the coming month.
Additionally, Coinbase made an undisclosed strategic investment in Zipmex in Q1. Zipmex has been granted an extension by the Supreme Court of Singapore to December 2. This cryptocurrency exchange tries to extend the time until it can solve liquidity problems.
This discussion with the Thai SEC comes a month after the cryptocurrency exchange launched a hotline for participants. This hotline serves investors affected by withdrawal stoppages and their complaints in that regard.
