Zipmex, a digital belongings trade headquartered in Singapore, introduced right now it has raised $6 million in funding led by Soar Capital. The startup, which plans to turn out to be a digital belongings financial institution, says the spherical exceeded its preliminary goal of $4 million. Together with earlier funding, it brings the entire Zipmex has raised up to now to $10.9 million.
The trade is regulated in Singapore, Australia and Indonesia, and licensed in Thailand. It focuses on traders new to cryptocurrency (by providing academic options), in addition to high-net-worth people, and says it has transacted over $600 million in gross transaction quantity since launching on the finish of 2019.
The funding shall be used on hiring and so as to add extra product choices. Along with its cryptocurrency trade, Zipmex’s providers embrace ZipUp, its interest-bearing accounts, and its personal ERC-20 token, ZMT.
Zipmex’s purpose is to turn out to be the most important digital trade within the Asia Pacific area, the place curiosity in cryptocurrency investing and blockchain expertise is increasing quickly. For instance, DBG Group Holdings, Southeast Asia’s largest lender, recently launched a crypto exchange, although it’s at present open solely to skilled traders.
However Zipmex can be up towards a roster of rivals, together with regional exchanges like BitKub in Thailand and Swyftx in Australia, in addition to gamers like Luno, Coinbase and Binance, that are concentrating on progress within the Asia Pacific area.
Zipmex chief government officer Marcus Lim stated the corporate’s ambition to turn out to be a digital belongings financial institution units it other than different exchanges. “We at present provide clients to take a position and earn curiosity on their digital belongings,” he advised . “Sooner or later, we’re planning to roll out funds and lending and the funding into securitized tokens.”
Different cryptocurrency startups that Soar Capital, an American enterprise capital agency, has invested in embrace BitGo and TradingView. Its guardian firm, buying and selling agency Soar Buying and selling, powers Robinhood’s crypto trades.
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