Marcus Lim, CEO of Zipmex
Zipmex, a Singapore-based digital assets exchange, announced today it has raised US$6 million in fresh funding, led by US-based VC firm Jump Capital.
The total amount raised in this round exceeded its initial target of US$4 million, the firm said in a statement.
This follows Zipmex’s US$3 million pre-Series A round raised in September 2019 and a US$1.9 million seed round in January that year.
With plans to become the largest digital asset exchange in Asia Pacific, the fresh funding will be used to further diversify Zipmex’s product offerings, including the expansion of its interest-bearing product ZipUp and its new native token ZMT.
Launched in late 2019, Zipmex allows investors to trade digital assets including Bitcoin and Ethereum. Trading fees start from 0.2 per cent per transaction. The firm has partnered with BitGo to provide a digital wallet insurance policy worth up to US$100 million.
Also Read: Inside the changing landscape of Asian cryptocurrency exchanges
The exchange claims that it has since transacted over US$650 million in gross transaction volume and has over 100,000 users on its digital assets exchange.
“Zipmex is providing the Asia Pacific region with a trusted, regulated and innovative digital asset exchange. We believe in the company’s mission and the future of digital asset investing in Asia,” said Peter Johnson, Partner at Jump Capital.
The raise comes at a time when digital asset investing is soaring. This month, Bitcoin set a record all-time high of US$41,941, while more than US$20 billion has been locked into decentralised finance protocols.
To capitalise on this trend, Zipmex recently completed the launch of its savings product ZipUp and exchange token ZMT.
Since its launch three months ago, Zipmex claims ZipUp has accrued over US$40 million in deposits from retail investors.
“ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets. We see a big opportunity for digital assets to grow, particularly with the technological innovations of decentralised finance protocols and solutions,” added Marcus Lim, CEO of Zipmex.
This investment is part of Jump Capital’s latest US$200 million fund. The Chicago-based firm has invested in over 60 companies across the fintech, IT and data infrastructure, B2B SaaS and media sectors. Notable portfolio companies include digital asset platform BitGo and trading social network TradingView.
—
Image Credit: Zipmex
The post Zipmex snags US$6M in an oversubscribed funding round to expand its digital assets exchange appeared first on e27.