Zipmex Raises $6 Million to Expand Asia Pacific Digital Asset Exchange

Zipmex, a digital asset exchange with its main offices in Singapore, has revealed today that it secured $6 million in a funding round spearheaded by Jump Capital. The company, which envisions itself evolving into a digital assets bank, reports that this investment surpassed its original goal of $4 million. When combined with previous funding rounds, Zipmex’s total funding now reaches $10.9 million.

The exchange maintains regulatory compliance in Singapore, Australia, and Indonesia, and holds licensing in Thailand. It caters to both individuals beginning their journey into cryptocurrency – providing them with helpful educational resources – and those with substantial financial resources. Since its launch in late 2019, the platform has processed more than $600 million in total transaction volume.

The newly acquired funds will be allocated to expanding the team and introducing a wider range of products and services. Beyond its core cryptocurrency exchange functionality, Zipmex provides services like ZipUp, which offers interest-bearing accounts, and its native ERC-20 token, ZMT.

Zipmex is striving to establish itself as the leading digital exchange within the Asia Pacific area, a region experiencing rapid growth in both cryptocurrency investment and blockchain technology adoption. As an illustration, DBG Group Holdings, a major lending institution in Southeast Asia, recently initiated a crypto exchange, although currently, access is limited to professional investors.

However, Zipmex faces competition from a number of other exchanges, including regional platforms such as BitKub in Thailand and Swyftx in Australia, alongside larger international players like Luno, Coinbase, and Binance, all of whom are focused on expanding their presence in the Asia Pacific market.

Marcus Lim, CEO of Zipmex, emphasized that the company’s aspiration to function as a digital assets bank distinguishes it from its competitors. He explained to TechCrunch, “We presently enable customers to invest in and earn returns on their digital assets.” He further stated, “Our future plans include the introduction of payment solutions, lending services, and investment opportunities in securitized tokens.”

Jump Capital, a U.S.-based venture capital firm, has also made investments in other cryptocurrency-focused companies, including BitGo and TradingView. Its affiliated company, Jump Trading, a trading firm, provides the infrastructure for cryptocurrency transactions on the Robinhood platform.