MUFG boosts its crypto exposure following $41M Zipmex funding round

CoinTelegraph

Thailand’s Bank of Ayudhya (BAY) – in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake – participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex.

The $41 million raise, which saw the participation of two publicly traded Thai media firms and overseas VC funds in addition to BAY, accounts for the lion’s share of Zipmex’s total $52 million in funds raised to date. 

How To Get Free Crypto  

BAY’s corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance. Commenting on the news of the Zipmex raise, its managing director today stressed to Reuters that “if we don’t stay close, technology will be further away from the bank.” 

For the exchange, the plan is to use the fresh funding to double its current user base to hit one million over the next six months. Zipmex is currently the only digital assets platform licensed in Thailand, operates under regulatory supervision in Indonesia and Australia, and has a notified regulatory exemption in Singapore. It is reportedly in the process of applying for a Major Payment Institution license with Singapore’s de facto central bank, the Monetary Authority of Singapore, which would enable it to provide digital payment token services in the city-state, among other offerings. 

At present, the Singapore-headquartered exchange conducts roughly half its business in Thailand, a fifth in Indonesia and the rest in Singapore and Australia, according to CEO Marcus Lim.

The exchange also has its sights on expanding its technology and compliance teams to roll out new digital assets products in lending, payments and securities. It currently offers exchange users two earnings accounts, one flexible and one fixed-term, and supports crypto spending through a partnership with Visa, with plans for its own crypto card launch later this year.

Coinbase Banner  

Related: Digital asset platform Zipmex partners with Visa in Asia-Pacific

In Thailand, Zipmex has also recently partnered with the largest operator of movie theaters in the country, Major Cineplex Group, and lo digital payment startup RapidZ to allow some moviegoers to buy tickets with cryptocurrencies like Bitcoin (BTC). 

Go to Source
Author: Marie Huillet


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.