Zipmex snags US$6M in a funding round

Singapore: Zipmex, a Singapore-based digital assets exchange, announced today it has raised US$6 million in fresh funding, led by US-based VC firm Jump Capital.

The total amount raised in this round exceeded its initial target of US$4 million, the firm said in a statement.

With plans to become the largest digital asset exchange in the Asia Pacific, the fresh funding will be used to further diversify Zipmex’s product offerings, including the expansion of its interest-bearing product ZipUp and its new native token ZMT.

Launched in late 2019, Zipmex allows investors to trade digital assets including Bitcoin and Ethereum. Trading fees start from 0.2 percent per transaction. The firm has partnered with BitGo to provide a digital wallet insurance policy worth up to US$100 million.

The exchange claims that it has since transacted over US$650 million in gross transaction volume and has over 100,000 users on its digital assets exchange.

“ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets. We see a big opportunity for digital assets to grow, particularly with the technological innovations of decentralized finance protocols and solutions,” added Marcus Lim, CEO of Zipmex.