Zipmex, a Singapore-based cryptocurrency exchange, is facing yet another setback as V Venture, a subsidiary of Thai shipping company Thoresen Thai Agencies, misses another payment in their $100 million buyout agreement. The missed payment amounts to $1.25 million, which was intended to provide working capital for the struggling exchange. According to a report from Bloomberg, Zipmex sent a letter to V Venture warning that without the payment, it would have to start liquidating one of its units and suspend payroll. The letter added that salaries for Zipmex units in Thailand, Singapore, and Indonesia were still covered, but the situation could quickly worsen without the needed funds.
This marks the fourth missed payment from V Venture since the deal was reached in December 2020, after a long negotiation process. The agreement followed a failed acquisition deal with Coinbase that forced Zipmex to suspend withdrawals in July of 2021. The exchange was dealing with liquidity issues due to its exposure to Babel Finance, which owed it $48 million and suspended withdrawals in June. Zipmex also had $5 million in exposure to Celsius. In February of 2022, Zipmex proposed a plan to restore all withdrawals and was granted three months of protection from creditors in August.
The missed payment could have severe consequences for Zipmex, as it continues to struggle to regain its footing. The exchange has operations in multiple countries, including Australia, and has partnered with Visa in the Asia-Pacific region. The December deal with V Venture triggered an investigation by the Thai Securities and Exchange Commission due to past issues with the agency. The Zipmex token, which had reached a high of $0.1029 on March 23, has fallen to $0.057 at the time of writing, according to CoinMarketCap.
Neither Zipmex nor V Venture have commented on the missed payment or its potential impact on the exchange’s future.
