MUFG boosts its crypto publicity following $41M Zipmex funding spherical

HomeCrypto News

MUFG boosts its crypto publicity following $41M Zipmex funding spherical

Thailand's Financial institution of Ayudhya (BAY) – through which Mitsubishi UFJ Monetary Group (MUFG) holds a 76.9% stake – participated within th



Thailand’s Financial institution of Ayudhya (BAY) – through which Mitsubishi UFJ Monetary Group (MUFG) holds a 76.9% stake – participated within the newest funding spherical for the Asia-Pacific-focused crypto alternate Zipmex.

The $41 million elevate, which noticed the participation of two publicly traded Thai media corporations and abroad VC funds along with BAY, accounts for the lion’s share of Zipmex’s complete $52 million in funds raised to this point. 

BAY’s company enterprise capital arm, Krungsri Finnovate, invests in startups throughout varied fintech areas, together with blockchain, lending, e-commerce and cross-border remittance. Commenting on the information of the Zipmex elevate, its managing director immediately confused to Reuters that “if we don’t keep shut, know-how can be additional away from the financial institution.” 

For the alternate, the plan is to make use of the contemporary funding to double its present person base to hit a million over the following six months. Zipmex is presently the one digital belongings platform licensed in Thailand, operates beneath regulatory supervision in Indonesia and Australia, and has a notified regulatory exemption in Singapore. It’s reportedly within the technique of making use of for a Main Fee Establishment license with Singapore’s de facto central financial institution, the Financial Authority of Singapore, which might allow it to supply digital cost token companies within the city-state, amongst different choices. 

At current, the Singapore-headquartered alternate conducts roughly half its enterprise in Thailand, a fifth in Indonesia and the remaining in Singapore and Australia, in accordance with CEO Marcus Lim.

The alternate additionally has its sights on increasing its know-how and compliance groups to roll out new digital belongings merchandise in lending, funds and securities. It presently gives alternate customers two earnings accounts, one versatile and one fixed-term, and helps crypto spending via a partnership with Visa, with plans for its personal crypto card launch later this yr.

Associated: Digital asset platform Zipmex companions with Visa in Asia-Pacific

In Thailand, Zipmex has additionally not too long ago partnered with the most important operator of film theaters within the nation, Main Cineplex Group, and lo digital cost startup RapidZ to permit some moviegoers to purchase tickets with cryptocurrencies like Bitcoin (BTC).