Asian crypto exchange Zipmex has announced that it is in an advanced stage of negotiations to finalise the commercial terms of its investment round with potential investors.
The company is close to finalising the commercial terms with two of three investors it has signed a memorandum of understanding (MOU) with, the company said.
“We have requested a meeting with Thailand’s Securities Exchange Commission to introduce our potential investors and present our recovery plan if the investment is agreed upon and consummated,” the platform detailed in a press release.
Besides, Zipmex is looking at offers from both local and global investors so that its operations can fully resume and be improved upon. This includes new projects as well as the company’s capabilities for the expanded use of ZMT and the Zipmex ecosystem across the region.
The latest announcements come after the Southeast Asia-focused platform said it had filed for bankruptcy protection in Singapore in July.
Zipmex, which operates compliant exchanges in Thailand, Indonesia, Singapore and Australia, resumed withdrawals on July 19 a day after suspending them, and said it is working to address its exposure of $53 million to crypto lenders Babel Finance and Celsius.
News reports earlier this month showed that the company had scored more than three months of creditor protection, protecting the exchange from potential creditor lawsuits until December 2 while it comes up with a restructuring plan.
Zipmex has announced that wallet transfers for its native token ZMT between its Z Wallets and Trade Wallets were re-established this week, marking further progress as the company works to become fully operational again. This is only available via its website and not through the Zipmex App at this stage, however.
“By resuming the Z Wallet service and doing everything possible to resolve the aforementioned problems, I can confirm that we will continue to move forward to resume services to serve our customers effectively and fairly,” said Akalarp Yimwilai, co-founder of Zipmex.