Venture capitalists bail on Zipmex bailout, company warns of consequences: Report
Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Venture.
The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without that money.The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23, according to a Bloomberg report.
Zipmex said in a letter to V Venture that, without the cash infusion, it would have to begin liquidating its Zipmex Technology unit and suspend its payroll.
Salaries in Zipmex units in Thailand, Singapore and Indonesia were still covered, the letter added. Zipmex also has operations in Australia. Related: Digital asset platform Zipmex partners with Visa in Asia-Pacific The missed payment would be the fourth from V Venture, a subsidiary of Thai shipping company Thoresen Thai Agencies with offices in Thailand and the United States.
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