Zipmex, which aspires to build the Asia Pacific region’s largest digital assets exchange, raises $6 million led by Jump Capital
Zipmex, a digital assets exchange headquartered in Singapore, announced today it has raised $6 million in funding led by Jump Capital. The startup, which plans to become a digital assets bank, says the round exceeded its initial target of $4 million. Along with earlier funding, it brings the total Zipmex has raised so far to $10.9 million.
The exchange is regulated in Singapore, Australia and Indonesia, and licensed in Thailand. It focuses on investors new to cryptocurrency with educational features, as well as high net-worth individuals, and says it has transacted over $600 million in gross transaction volume since launching at the end of 2019.
The funding will be used on hiring and to add more product offerings. In addition to its cryptocurrency exchange, Zipmex's services also include ZipUp, its interest-bearing accounts, and its own ERC-20 token ZMT.
Zipmex's goal is to become the largest digital exchange in the Asia Pacific, where interest in cryptocurrency investing and blockchain technology is increasing quickly. For example, DBG Group Holdings, Southeast Asia's largest lender, recently launched a crypto exchange, though it is currently open only to professional investors.
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But Zipmex is also up against a roster of competitors, including regional exchanges like BitKub in Thailand and Swyftx in Australia, as well as players like Luno, Coinbase and Binance which are targeting growth in the Asia Pacific region.
Zipmex chief executive officer Marcus Lim said the company's ambition to become a digital assets bank sets it apart from other exchanges. We currently offer customers to invest and earn interest on their digital assets," he told TechCrunch. In the future, we are planning to roll out payments and lending and the investment into securitized tokens."
Other cryptocurrency startups that Jump Capital, an American venture capital firm, has invested in include BitGo and TradingView. Its parent company, trading firm Jump Trading, powers Robinhood's crypto trades.