Thai crypto exchange Zipmex raises $41 mn from Bank of Ayudhya, others

Synopsis

BAY joins Thai media companies, Plan B Media Pcl and Master Ad Pcl, and foreign venture capital funds in the investment round.

Related

  • Top cryptocurrency prices today: Solana, Polkadot, Ethereum gain up to 17%
  • BeyondLife.club to roll out Amitabh Bachchan NFT collection
  • Hottest crypto coins are now the Bitcoin and Ether alternatives

BANGKOK: Thai cryptocurrency startup Zipmex said on Tuesday it had raised $41 million from the country’s fifth-largest lender, Bank of Ayudhya Pcl, as well as media firms, and plans to expand product offerings and its user base.

The investment brings the company’s total funds raised to $52 million.

Japan’s Mitsubishi UFJ Financial Group holds a 76.9% stake in Bank of Ayudhya (BAY). BAY’s venture arm, Krungsri Finnovate, has invested in other startups like ride-hailing app Grab.

Did you Know?

Financial payments startup Square is working on a real-world wallet for bitcoin. Hardware wallets can be used to store digital currency offline, synching with applications for transactions on the internet.

View Details »
BAY joins Thai media companies, Plan B Media Pcl and Master Ad Pcl, and foreign venture capital funds in the investment round.

The deal will give BAY greater exposure to blockchain and the digital asset ecosystem, Krungsri Finnovate managing director Sam Tansakul said.

“If we don’t stay close, technology will be further away from the bank,” he told .

In the short term, new financing will help Zipmex double users to one million in the next six months, chief executive Marcus Lim said.

Over half of its business is in Thailand and about a fifth in Indonesia, Lim said. It also has users in Singapore and Australia, where it plans further expansion.

Zipmex plans to build up its technology and compliance teams to offer new products in lending, payments and securities.

Source

Updated: 08/31/2021 — 05:00