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Digital currency exchange Zipmex raises US$3m in pre-Series A round

Digital currency exchange Zipmex raises US$3m in pre-Series A round

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2 -min read
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SINGAPORE-BASED digital currency exchange provider Zipmex has raised US$3 million in a pre-Series A round led by blockchain technology group Infinity Blockchain Holdings, raising its valuation to US$18 million, said the startup on Monday.

Singapore-headquartered Infinity Blockchain Holdings, which contributed US$500,000 to the round, is also an early backer of blockchain startups Cardano and NEO. In total, there were six investors in the funding round, comprising mainly angel investors.

Zipmex recently launched country-centric digital currency exchange platforms in Indonesia and Australia.

"With backing from such an established group within the blockchain industry, we will accelerate our Asia-Pacific expansion plans, with a licence application underway for a Thailand-centric exchange," said Zipmex co-founder and CEO Marcus Lim.

Mr Lim was the co-founder of Australian online marketplace Oneflare, which connects consumers with a range of businesses including those in home renovation and web design.

Zipmex said it will work closely with Infinity Blockchain Holdings to explore synergies across community awareness and blockchain solutions for business-to-business and business-to-consumer clients, with the potential for future capital-related activities.

Infinity Blockchain Holdings comprises Infinity Blockchain Ventures, a blockchain consulting and development firm, as well as Infinity Blockchain Labs, which specialises in blockchain technology applications.

Zipmex has also received investment from AEC Securities Public Company in Thailand, which specialises in securities and investment banking.