Zipmex, a digital belongings change headquartered in Singapore, introduced at this time it has raised $6 million in funding led by Bounce Capital. The startup, which plans to grow to be a digital belongings financial institution, says the spherical exceeded its preliminary goal of $4 million. Together with earlier funding, it brings the overall Zipmex has raised thus far to $10.9 million.
The change is regulated in Singapore, Australia and Indonesia, and licensed in Thailand. It focuses on buyers 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 might be used on hiring and so as to add extra product choices. Along with its cryptocurrency change, Zipmex’s providers embody ZipUp, its interest-bearing accounts, and its personal ERC-20 token, ZMT.
Zipmex’s purpose is to grow to be the most important digital change within the Asia Pacific area, the place curiosity in cryptocurrency investing and blockchain know-how is increasing quickly. For instance, DBG Group Holdings, Southeast Asia’s largest lender, recently launched a crypto exchange, although it’s presently open solely to skilled buyers.
However Zipmex can be up in opposition to a roster of opponents, together with regional exchanges like BitKub in Thailand and Swyftx in Australia, in addition to gamers like Luno, Coinbase and Binance, that are focusing on development within the Asia Pacific area.
Zipmex chief government officer Marcus Lim mentioned the corporate’s ambition to grow to be a digital belongings financial institution units it other than different exchanges. “We presently supply clients to take a position and earn curiosity on their digital belongings,” he advised TechCrunch. “Sooner or later, we’re planning to roll out funds and lending and the funding into securitized tokens.”
Different cryptocurrency startups that Bounce Capital, an American enterprise capital agency, has invested in embody BitGo and TradingView. Its father or mother firm, buying and selling agency Bounce Buying and selling, powers Robinhood’s crypto trades.