The list of investors currently announced includes Bank of Ayudhya’s corporate venture capital arm, Krungsri Finnovate, and marks the first time a top-tier bank have invested in a digital assets platform
Global digital asset platform Zipmex has succeeded in raising over US$41 million in their latest round of Series B funding, and the investment will be used to target millions of customers across the Asia-Pacific region.
The Series B funding brings together several well-known companies and institutions, one of which is Krungsri Finnovate, a corporate venture capital arm of the Bank of Ayudhya which invest in Thai technology companies and startups. This makes the Bank of Ayudhya one of the first banks in Southeast Asia and around the world to invest in a digital asset platform.
“Krungsri Finnovate places great importance on technology and financial innovation in every way. We believe that tech and innovation will be the driver of economical and society-focused solutions to the country’s future” states Mr. Sam Tanskul, Managing Director at Krungsri Finnovate. With a presence in 50 countries and being a part of the Mitsubishi UFJ Financial Group (MUFG), Zipmex’s close cooperation with Krungsi Finnovate will allow them to tap on the group’s synergy to scale up within the APAC region, as well as facilitating payments and remittance processes on the ground.
The participation by innovative media Plan B Media Public Company Limited and billboard media leader Master Ad Public Company Limited (MACO) in the Series B funding also marks a first for listed multinational media companies to tap into the digital asset trend. “The digital asset space provides many opportunities for us to strengthen our ecosystem in the engagement marketing space including sports, artist management, and gaming. We are confident that this investment and partnership will secure Plan B’s vision to be a leader in innovation.” said Pinijsorn Luechaikajohnpan, PhD, Managing Director of Plan B Media.
In the past 8 months, Zipmex has seen its client base grow by nine times since January, with a cumulative trading volume of $4 billion. Its earnings platforms ZipUp and ZipLock now has a total of $216 million in assets under management (AUM), and its native ZMT token has seen an increase of 11.8 times in value. Other than its digital asset platform, Zipmex has also been expanding the number of products to incentivise the use of its ZMT token. The range of current and upcoming products includes:
- ZipSpend, a digital asset payment solution for businesses looking to accept cryptocurrency as payment
- ZipWorld, a digital assets platform where users who hold ZMT can unlock exclusive lifestyle
- ZLaunch — a platform that gives holders early access to new investment tokens
- ZipNFT – a marketplace for NFTs
- ZipCard – a payment card for users.
“A marriage of digital assets and traditional banking can provide new innovative use cases for money, which we have demonstrated through ZipWorld. Further use cases of Zlaunch, and ZipNFT are just the starting point of where we can evolve to be banking forward, lifestyle focused.” said Zipmex CEO, Marcus Lim.
Speaking at an online press conference earlier today, the Zipmex CEO and Chief Marketing Officer Proud Limpongpan introduced their milestone investor Krungsri Finnovate from their Series B funding and showcased new platforms and solutions that the company aims to introduce soon, while taking the time to answer questions from the media in a Q&A session.
When asked about their license application with the Monetary Authority of Singapore (MAS), the team elaborated on Zipmex’s progress towards getting their license in the past 12 months while under a regulatory extension, referring to the In-Principle Approval License that over 170 applicants have applied for in Singapore. Touching on the increased regulatory scrutiny and if it will affect Zipmex’s growth, they state that money laundering is the reason for stricter actions, and playing by the rules not only creates a safe environment for customers but also allows Zipmex to contribute to best practices and policies.
With Plan B Media Public Company onboard as Zipmex’s Series B funding investor, the company plans to tap on the Play-To-Earn concept to let their users play and earn digital assets. CoinPasar took the opportunity to ask if the team would be building Play-to-Earn NFT games like Axie Infinity which are trending at the moment. The team states that this is to be confirmed, and the plans for the Play-to-Earn concept is currently envisioned as a point system that users can redeem for digital assets.
Broaching the subject of utilising the $41 million from the Series B funding, Marcus listed team expansion and product development as the priority at the moment. The team plans to grow the digital exchange further to include payments and lending, and they plan to channel funds into current projects to create top-tier products that would give them the edge over their competitors in the market.
Other than the current list of investors in the Series B funding round, US-based Jump Capital which led Zipmex’s Series A earlier this January has also signed on to invest in the second round.
Looking for more news? Check out these articles below:
- Defi Hacks – Are Smart Contracts Smart Enough?
- Binance Singapore appoints Richard Teng as Chief Executive Officer
- XREX Appoints Christopher Chye as Singapore Managing Director
