ICYMI: Coinbase to make strategic investment in Zipmex following acquisition talks
An acquisition of Zipmex by Coinbase had been discussed, but in March the pair settled instead on a strategic investment.Coinbase has agreed to invest in Southeast Asian crypto exchange Zipmex as part of its latest fundraising round after deciding against a full acquisition.
A purchase of Zipmex by Coinbase had been discussed by the pair, but ultimately they settled instead on a strategic investment, according to people familiar with the matter. Coinbase signed a term sheet committing to that investment in March. Zipmex has been courting investors in recent weeks as it attempts to raise around $40 million at a valuation of $400 million, according to one other person close to the talks. They added that Babel Finance may lead the round, but a spokesperson for Babel declined to comment.
A spokesperson for Zipmex said: “We are in process of raising Series B+ and are speaking to a range of investors. We have not finalized lead investors or valuation. We cannot comment on market speculation or rumors.” Founded by CEO Marcus Lim in 2018, Zipmex has already hauled in some $52 million in Series B funding — spread across investments of
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