Cryptocurrency exchange Zipmex closes $6M funding round
Zipmex, a licensed cryptocurrency exchange, today announced the closing of its latest funding round. The round was led by Jump Capital, a US venture capitalist firm specializing in data-driven tech companies such as institutional cryptocurrency financial services provider BitGo and investing community TradingView.
The total amount raised exceeded the initial target of USD $4 million to reach USD $6 million. The raise follows Zipmex’s pre-Series A raise of USD $3 million in September 2019 and a USD $1.9 million seed round in January 2019.
“This is an exciting day for all of us at Zipmex,” said Zipmex CEO Marcus Lim. “We are thrilled to have industry veteran Jump Capital leading the funding round. Jump Capital’s wealth of experience in the space and broad network will be invaluable assets as we look to make digital asset investing accessible for everyone.”
Zipmex is regulated in Singapore, Australia, Indonesia, and licensed in Thailand.
To date, the platform has transacted over USD $650 million in gross transaction volume since its launch in late 2019.
The new funding will be used to further diversify Zipmex’s product offerings, including the expansion of its interest-bearing product (ZipUp) and its new native token ZMT.
US venture capitalist Jump Capital has invested in Zipmex out of their latest USD $200 million fund. Its portfolio comprises over 60 companies across the fintech, IT and data infrastructure, B2B SaaS, and media sectors.
“Zipmex is providing the Asia-Pacific region with a trusted, regulated, and innovative digital asset exchange,” said Jump Capital Partner Peter Johnson. “We believe in the company’s mission and the future of digital asset investing in Asia. We look forward to working closely with the Zipmex team as they continue to lead the industry in innovation and quality of service.”
ZipUp Savings Program and ZMT Token
Zipmex recently completed the successful launch of its innovative savings product ZipUp and its exchange token ZMT. ZipUp offers retail investors up to 10.5% APY on their digital assets. Investors can choose from a variety of assets, including Bitcoin (BTC), Ethereum (ETH), xBullion (GOLD), USD Circle (USDC), and USD Tether (USDT), and pay no fees aside from normal withdrawal fees.
Interest is paid daily, there is no fixed term, and no minimum deposit amount. Since its launch three months ago, ZipUp has received significant demand from retail investors and has accrued over USD $40M in deposits.
ZMT, the company’s new native ERC-20 digital asset, offers holders exclusive benefits such as higher ZipUp interest rates, trading fee discounts, and lower lending rates. All Zipmex users who passed KYC and traded the equivalent of USD $100 prior to December 17th, 2020 have already been issued tokens.
A total of 200 million ZMT tokens will be minted and distributed over a four-year period.
Published at Tue, 12 Jan 2021 18:27:33 +0000