Zipmex, one of the popular cryptocurrency exchanges, has hit a roadblock in its US$100 million venture capital buyout. According to reports from Bloomberg, the buyer, V Ventures, has missed the US$1.25 million payment due on March 23, which could put the entire buyout at risk.
Zipmex has already taken measures to protect its business in case the payment is not made. The company has sent a letter to its employees stating that it would have to liquidate its technology unit, Zipmex Technology, and suspend the division’s payroll unless it gets the funds. The letter goes on to say that Zipmex’s branches in Thailand, Singapore, and Indonesia still have funds to pay salaries.
This acquisition is part of Zipmex’s restructuring plan, after being affected by last year’s crypto bear market. 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 was expected to help the exchange recover from these losses and establish a stronger presence in the cryptocurrency market.
Despite the delay in payment, there is still no word on when the delayed payment will be made. Zipmex and V Ventures have not released any official statements regarding the missed payment, leaving many to speculate on what the future holds for the acquisition.
It’s unclear at this time what caused the delay in payment, but it could have significant consequences for both Zipmex and V Ventures. If the payment is not made, it could put the entire buyout at risk, leaving Zipmex in a precarious position.
