Zipmex, the fully licensed global digital assets exchange, announced today the closing of its latest funding round. The round is headlined by Jump Capital, a US venture capitalist firm specialising in data-driven tech companies such as institutional cryptocurrency financial services provider BitGo and global investing community TradingView.
The total amount raised exceeded the initial target of US$4 million to reach US$6 million. The raise follows Zipmex’s pre-Series A raise of US$3 million in September 2019 and a US$1.9 million seed round in January 2019.
“This is an exciting day for all of us at Zipmex,” said Zipmex CEO Marcus Lim. “We are thrilled to have industry veteran Jump Capital leading the funding round. Jump Capital’s wealth of experience in the space and broad network will be invaluable assets as we look to make digital asset investing accessible for everyone.”
Regulated in Singapore, Australia, Indonesia and licenced in Thailand, Zipmex’s mission is to break down barriers, then educate, excite, and enrich everyday people on its fully regulated digital asset platform. It is spearheading the next generation of feasible and secure asset investments by scouring the world for exciting investment and diversification products, then making them available on its free, easy-to-use apps and websites. To date, the platform has transacted over US$650 million in gross transaction volume since its launch in late 2019.
Zipmex’s unique selling proposition includes fast trading, high liquidity, competitive prices, and high security standards, and it has plans to become the largest digital asset exchange in Asia Pacific. The new funding will be used to further diversify Zipmex’s product offerings, including the expansion of its interest bearing product (ZipUp) and its new native token ZMT.
US venture capitalist Jump Capital has invested in Zipmex out of their latest US$200 million fund. Its portfolio comprises over 60 companies across the fintech, IT and data infrastructure, B2B SaaS, and media sectors. Jump Capital has invested in many of the world’s leading investing and digital asset startups including BitGo, Bitso, Curv, M1 Finance, Personal Capital, and TradingView. Its parent company, Jump Trading LLC, powers Robinhood’s free crypto trades.
“Zipmex is providing the Asia-Pacific region with a trusted, regulated, and innovative digital asset exchange,” said Jump Capital Partner Peter Johnson. “We believe in the company’s mission and the future of digital asset investing in Asia. We look forward to working closely with the Zipmex team as they continue to lead the industry in innovation and quality of service.”
The raise comes at a time when digital asset investing is soaring. This month, Bitcoin set a record all-time high of US$41,941, while more than US$20 billion has been locked into decentralised finance protocols. To capitalise on this trend, Zipmex recently completed the successful launch of its innovative savings product ZipUp and its exchange token ZMT.
ZipUp offers retail investors up to 10.5% APY on their digital assets. Investors can choose from a wide variety of assets, including Bitcoin (BTC), Ethereum (ETH), xBullion (GOLD), USD Circle (USDC), and USD Tether (USDT), and pay no fees aside from normal withdrawal fees. Interest is paid daily, there is no fixed term, and no minimum deposit amount. Since its launch three months ago, ZipUp has received significant demand from retail investors and has accrued over US$40M in deposits.
ZMT, the company’s new native ERC-20 digital asset, offers holders exclusive benefits such as higher ZipUp interest rates, trading fee discounts, and lower lending rates. All Zipmex users who passed KYC and traded the equivalent of US$100 prior to 17 December 2020 have already been issued tokens. A total of 200 million ZMT tokens will be minted and distributed over a four-year period.
“ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets,” said Mr. Lim. “We see a big opportunity for digital assets to grow, particularly with the technological innovations of decentralised finance protocols and solutions. This is a very exciting time to be disrupting the finance sector.”