Asset platform Zipmex raises US$6m in new funding round

Annabeth Leow

Published Tue, Jan 12, 2021 · 09:57 PM

SINGAPORE-BASED digital asset exchange Zipmex has closed a US$6 million funding round, the trading platform announced on Tuesday.

The startup's latest funding round, led by American venture capital firm Jump Capital, followed its fund-raising of US$1.9 million in January 2019 and another round of US$3 million in September 2019.

It said that it would use the fresh injection to expand its product offerings, including interest-bearing savings product ZipUp and exchange token ZMT.

Zipmex plans to issue 200 million ZMT tokens over four years, following its launch at the end of last year.

Chief executive Marcus Lim added in a statement that digital assets are expected to grow on the back of decentralised finance developments. "ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets," he added.