Coinbase to make strategic investment in Zipmex following acquisition talks
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An acquisition of Zipmex by Coinbase had been discussed, but in March the pair settled instead on a strategic investment.
Zipmex is currently working on a Series B+ raise that could value it at $400 million.
Coinbase has agreed to invest in Southeast Asian crypto exchange Zipmex as part of its latest fundraising round after deciding against a full acquisition.
A purchase of Zipmex by Coinbase had been discussed by the pair, but ultimately they settled instead on a strategic investment, according to people familiar with the matter. Coinbase signed a term sheet committing to that investment in March.
Zipmex has been courting investors in recent weeks as it attempts to raise around $40 million at a valuation of $400 million, according to one other person close to the talks. They added that Babel Finance may lead the round, but a spokesperson for Babel declined to comment.
A spokesperson for Zipmex said: “We are in process of raising Series B+ and are speaking to a range of investors. We have not finalized lead investors or valuation. We cannot comment on market speculation or rumors.”
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