Venture capitalists bail on Zipmex bailout, company warns of consequences: Report

Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Venture. The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without that money.

The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23,to a Bloomberg report. Zipmex said in a letter to V Venture that, without the cash infusion, it would have to begin liquidating its Zipmex Technology unit and suspend its payroll. Salaries in Zipmex units in Thailand, Singapore and Indonesia were still covered, the letter added. Zipmex also has operations in Australia.

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Zipmex's rescue investor misses payment, company warns employees of liquidationTroubled Asian crypto exchange Zipmex is under increasing pressure after its rescue investor V Ventures missed a fourth tranche payment, leaving the company unable to pay certain staff and at risk of liquidation. Yogita_Khatri5 👀 Yogita_Khatri5 ParrotCapital
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Zipmex Acquisition Stumbles as Buyer Misses Payment: Bloomberg.zipmex's $100 million venture capital buyout could be in jeopardy after the investor missed a $1.25 million payment, according to a Bloomberg report. By JamieCrawleyCD.
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