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Zipmex Spoke About Negotiations To “Rescue” The Business

Thailand-based crypto exchange Zipmex has received an offer for a settlement to the company to “rescue” the business.

“Our discussions with various stakeholders have made significant progress. One of these parties has proposed a set of conditions under the MOU, which also includes confidentiality obligations, to initiate the Due Diligence process,” the statement said.

Platform representatives did not specify whether it was an investment or a company takeover. On July 20, Zipmex called off the recall, citing “volatile market conditions and the resulting financial difficulties of key trading partners.’

In particular, the companies owe the landing platform Celsius Network and the crypto financial services provider Babel Finance. Its liabilities are 45 million and $48 million, respectively. Both organizations are experiencing serious difficulties.

On June 17, Babel Finance announced that it would suspend payments and withdrawals for its products due to a lack of liquidity. Subsequently, information appeared in the media about a possible restructuring of their business.