Zipmex cryptocurrency exchange is facing a potential setback in its US$100 million venture capital buyout. The buyer, V Ventures, reportedly missed a US$1.25 million payment that was due on March 23, according to a report from Bloomberg.
The missed payment has put the acquisition in jeopardy, and Zipmex has been forced to take drastic measures in order to secure the necessary funds. In a letter seen by Bloomberg, the exchange revealed that it may have to liquidate its technology unit, Zipmex Technology, and suspend the division’s payroll unless it receives the funds.
Zipmex has been working on a restructuring plan after being hit hard by the crypto bear market last year. The exchange had a US$48 million exposure to crypto lender Babel Finance and a US$5 million exposure to bankrupt lender Celsius. The buyout by V Ventures was seen as a key part of this plan.
The letter from Zipmex also stated that the exchange’s branches in Thailand, Singapore, and Indonesia still have funds to pay salaries. However, without the necessary payment from V Ventures, the future of Zipmex’s technology unit remains uncertain.
At the time of writing, Zipmex has received no information on when the delayed payment will be made. The missed payment serves as a reminder of the risks associated with cryptocurrency investments and highlights the importance of due diligence when considering any kind of crypto-related venture.
