Coinbase Decides against Full Acquisition of Singapore-based Zipmex

Coinbase, an American cryptocurrency exchange, has opted to place strategic investment in Singapore-headquartered cryptocurrency exchange, Zipmex, instead of full acquisition, The Block reports.

The investment will be part of the Series B+ fundraising round that the Southeast Asian exchange is currently working on.   The round, through which it reportedly has plans to raise $40 million, could value the exchange at $400 million.  

Additionally, Coinbase has previously discussed full acquisition with Zipmex. 

 

Zipmex, which also has a strong footing in Thailand, previously raised $52 million from its Series B funding round. 

 

Moreover, the exchange raised $41 million in September 2021 and $11 million six months later. 

Some of its investors in the rounds included B Capital, V Ventures, MindWorks Capital and Master Ad, among others. 

  Recent Coinbase Moves  

Recently, Coinbase committed $1 million for digital public goods in partnership with Gitcoin, a community of builders, creators and protocols at the center of open web ecosystems.

 

In fact, digital public goods are open-source software that support open-source protocols.

  Coinbase said the monetary support is “one of the largest single donations to the public goods treasury in Gitcoin history.”   Coinbase last month also launched the Coinbase Institute, a global crypto-native think tank.   The exchange selected Hermine Wong as the Director of the Institute. Wong is a former US government official who worked with the Executive Office of the President’s Office of Information and Regulatory Affairs (OIRA).  

Meanwhile, a Bitcoin address recently transferred 2,457 BTC from Coinbase as selling pressure pushed the price of the crypto asset to its lowest level in more than 12 months. 

 

On-chain analytics platform, Whale Alert, said the BTCs were moved to an unknown wallet on 20 May at 16:49 UTC. 

 

Furthermore, Whale Alert disclosed that the coins were worth more than $70 million. Thus, the BTC balance on the cryptocurrency exchange took a major hit. 

This article was written by Solomon Oladipupo at www.financemagnates.com.