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Singapore-based cryptocurrency exchange Zipmex has announced that it is considering a possible offer from an interested party and that due diligence should commence. The platform has not specified who the interested party is.
Zipmex in Discussions with Potential Investors
On Sunday, Zipmex tweeted a new announcement that it was looking at possible offers by interested parties for possible restructuring and fundraising. https://twitter.com/zipmex/status/1551050348919279616 Zipmex hinted about a potential buyout that the firm is currently in talks with but has not yet disclosed the name of the entity interested in buying the company citing "confidentiality obligations." The exchange further added that the buyout talks are progressing positively, indicating a favorable stance. The tweet further added that the exchange has also commenced "due diligence," a legal term that refers to an assessment done by a prospective buyer to evaluate the assets and liabilities of the firm. The exchange also specified that it was offered an MOU, a non-binding agreement that usually denotes the commencement of negotiations from both parties to reach a consensus. Zipmex was among several crypto firms hit by financial difficulties in recent weeks. On Thursday, Zipmex halted withdrawals and deposits, citing "volatile market conditions." A day later, the crypto exchange announced that it would resume allowing withdrawals only from the Trade wallet and not from any other wallet "until further notice."