MUFG boosts its crypto exposure following $41M Zipmex funding round

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MUFG boosts its crypto exposure following $41M Zipmex funding round

Thailand’s Financial institution of Ayudhya (BAY) – by which Mitsubishi UFJ Monetary Team (MUFG) holds a 76.9% stake – participated in the newest investment spherical for the Asia-Pacific-focused crypto change Zipmex.

The $41 million lift, which saw the participation of two publicly traded Thai media corporations and in a foreign country VC finances along with BAY, accounts for the lion’s proportion of Zipmex’s overall $52 million in finances raised so far. 

BAY’s company project capital arm, Krungsri Finnovate, invests in startups throughout more than a few fintech spaces, together with blockchain, lending, e-commerce and cross-border remittance. Commenting at the information of the Zipmex lift, its managing director as of late stressed to Reuters that “if we don’t keep shut, era shall be additional clear of the financial institution.” 

For the change, the plan is to make use of the recent investment to double its present person base to hit a million over the following six months. Zipmex is lately the one virtual property platform authorized in Thailand, operates beneath regulatory supervision in Indonesia and Australia, and has a notified regulatory exemption in Singapore. It’s reportedly within the strategy of making use of for a Primary Fee Establishment license with Singapore’s de facto central financial institution, the Financial Authority of Singapore, which might permit it to supply virtual cost token products and services within the city-state, amongst different choices. 

At the present, the Singapore-headquartered change conducts more or less part its industry in Thailand, a 5th in Indonesia and the remaining in Singapore and Australia, in step with CEO Marcus Lim.

The change additionally has its points of interest on increasing its era and compliance groups to roll out new virtual property merchandise in lending, bills and securities. It lately provides change customers two profits accounts, one versatile and one fixed-term, and helps crypto spending thru a partnership with Visa, with plans for its personal crypto card release later this yr.

Comparable: Virtual asset platform Zipmex companions with Visa in Asia-Pacific

In Thailand, Zipmex has additionally lately partnered with the biggest operator of film theaters within the nation, Primary Cineplex Team, and lo virtual cost startup RapidZ to permit some moviegoers to shop for tickets with cryptocurrencies like Bitcoin (BTC).