Zipmex resumes trade clearance amid rescue talks
Categories: Crypto News US
Zipmexresumes trade clearance amid rescue talks
Singapore-based crypto exchange Zipmex has resumedwithdrawals from its trade wallet, but will continue to disable transfers anddeposits from its Z-wallet until the outcome of discussions with its twopartners. One Party Offer Bailout Terms In a July 24 Twitter post, Zipmexalso revealed that it had received an offer regarding a potential hedge deal.
One party offered the bailout terms in a confidential memorandumof understanding (MOU), although Zipmex neither identified the partynor specified whether the offer could be an investment or a buyout offer. OnJuly 21, Zipmex halted all customer withdrawals on its platform, citing"financial difficulties" related to two of its partners.
The exchange disclosed an exposure of US$48 million to BabelFinance and US$5 million to Celsius, two lenders that havedefaulted on loans following crippling losses in the crypto market. In anofficial statement, Zipmex said it was already "in discussion"with Babel Finance after news broke last week about the exchange stoppingwithdrawals. Zipmex to 'write off' Celsius loss" Thesediscussions are ongoing, and we are evaluating our options based on the resultsof these negotiations.
Our debt to Celsius Network was minimal and weintend to write off this loss on our balance sheet. Native Token Down 40%Zipmex operates in four countries – Singapore, Australia, Indonesia and Thailand– and offers both spot trading for cryptocurrencies and interest ondeposits. The platform's native token, ZMT, is down nearly 40 percent from US$0to US$0.
According to data from CoinMarketCap, on July 20. At thetime of writing, the exchange had seen approximately US$4 million in tradingvolume over the past 24 hours, with approximately 60 percent of all tradescoming from ZMT.