Bitcoin-exchange Zipmex Spoke About The Negotiations To “Rescue” The Business

Thailand-based cryptocurrency exchange Zipmex has received an offer for a deal in which an unnamed third party will help the company “rescue” the business. 

“Our discussions with various stakeholders have made significant progress. One of these parties has proposed a set of conditions under the MOU , which also includes confidentiality obligations, in order to be able to initiate Due Diligence ,” the statement said.

Representatives of the platform did not specify whether it was an investment or a takeover of the company.

On July 20, Zipmex put the withdrawal on hold , citing “volatile market conditions and the resulting financial difficulties of key business partners.” 

In particular, the companies owe landing platform Celsius Network and crypto financial services provider Babel Finance. Their liabilities are $5 million and $48 million, respectively. Both organizations are experiencing serious difficulties. 

On June 17, Babel Finance announced it was suspending payouts and withdrawals from its own products due to a lack of liquidity. Subsequently, information appeared in the media about a potential restructuring of his business.

On July 14, Celsius Network filed for bankruptcy and reported a $1.2 billion “hole” in its balance sheet .

At the end of the week, Zipmex partially resumed deposits and withdrawals.