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Zipmax, an exchange-based in Singapore, revealed that it is in discussion with potential buyers. The talks with the “interested party” are moving quite positively, said the exchange. It however didn’t yet disclose the identity of its potential buyer because of “confidentiality obligations.” Further, the exchange revealed it has performed “due diligence.” It basically refers to an assessment done by a possible buyer to assess the assets and liabilities of the company.
The exchange has also stopped its withdrawal services, hopping on the wagon with other crypto firms. The exchange cited “extreme market conditions” as the reason behind halting the withdrawal services. To the uninitiated, Zipmax offers various investment products such as lending (ZipLend), interest-bearing accounts (ZipUp), and payments (ZipPay). The exchange is completely regulated by the relevant authorities in Singapore, Australia, Indonesia, and Thailand.
Making another disclosition, the exchange said they have offered an MOU to the buyer. MOU is a non-binding agreement that indicates the start of negotiation process from both parties to arrive at an agreement. A Bloomberg report reveals that the start of the exchange’s financial troubles began after its financial dealings with Babel and Celisus. As per the official facebook page of the firm, Zipmex had exposure worth $5 million and $48 million to Celsius Network and Babel respectively.
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The Zipmex token, ZMT, had a positive response to the news. After the firm tweeted about a possible buyer offer, the token rose by 5%. At the time of writing, the token was trading at $0.3036, a 0.20% decline in the last 24 hours. When ZMT are purchased and staked, there are higher earnings. In addition, users in Thailand can also make electronic payments with merchants while receiving cashbacks and other benefits.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
