Jun 10, 2022 12:30

Coinbase Decides Against Full Acquisition of Singapore-based Zipmex

Coinbase, an American cryptocurrency exchange, has opted to place strategic investment in Singapore-headquartered cryptocurrency exchange, Zipmex, instead of full acquisition, The Block reports.

 

The investment will be part of the Series B+ fundraising round the Southeast Asian exchange is currently working on.

 

The round, through which it reportedly has plans to raise $40 million, could value the exchange at $400 million.

 

Coinbase has previously discussed full acquisition with Zipmex. 

 

Zipmex, which also has strong footing in Thailand, previously raised $52 million from its Series B funding round. 

 

The exchange raised $41 million in September 2021 and $11 million six months later. 

Some of its investors in the rounds included B Capital, V Ventures, MindWorks Capital and Master Ad, among others. 

 

Recent Coinbase Moves  

Coinbase recently committed $1 million for digital public goods in partnership with Gitcoin, a community of builders, creators and protocols at the center of open web ecosystems.

 

Digital public goods are open-source software that support open-source protocols.

 

Coinbase said the monetary support is “one of the largest single donations to the public goods treasury in Gitcoin history.”

 

Coinbase last month also launched the Coinbase Institute, a global crypto-native think tank.

 

The exchange selected Hermine Wong as the Director of the Institute. Wong is a former US government official who worked with the Executive Office of the President’s Office of Information and Regulatory Affairs (OIRA).

 

Meanwhile,  a Bitcoin address recently transferred 2,457 BTC from Coinbase as selling pressure pushed the price of the crypto asset to its lowest level in more than 12 months. 

 

On-chain analytics platform, Whale Alert, said the BTCs were moved to an unknown wallet on 20 May at 16:49 UTC. 

 

Whale Alert further disclosed that the coins were worth more than $70 million. The BTC balance on the cryptocurrency exchange took a major hit as a result. 

This article was written by Solomon Oladipupo at www.financemagnates.com.

May 05, 2022 05:10

Binance, 18 Investors Commit $7.1 Billion to Elon Musk’s Twitter Takeover

Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, and 18 other equity investors committed over $7.

Mar 15, 2022 12:35

Binance Signed a Memorandum of Understanding to Acquire Sim;Paul Investimentos

Binance signed a a Memorandum of Understanding to consider the acquisition of Brazilian Sim;paul Investimentos. Binance is striving to obtain a foothold in Brazil through the acquisition.

Feb 18, 2022 08:50

Cryptocurrency Firm Fireblocks Acquires First Digital

One of the fastest-growing cryptocurrency companies, Fireblocks announced the acquisition of First Digital today. The acquisition will facilitate the expansion of the company’s payment offering.

Feb 13, 2022 08:55

Crypto M&A Activities Increase 4,846% in 2021

PwC, one of the world’s largest professional services networks, recently published a report on the global crypto M&A and fundraising space.

Feb 02, 2022 08:45

Cryptocurrency Exchange FTX Acquires Liquid

One of the world’s fastest-growing cryptocurrency trading platforms, FTX today announced that it has acquired crypto firm Liquid. The acquisition includes all the operating subsidiaries of Liquid G...

Feb 14, 2024 12:25

Ripple Expands Crypto Solutions with Standard Custody & Trust Acquisition

Ripple made an announcement of its agreement to acquireStandard Custody & Trust Company, a regulated platform specializing indigital assets. By integrating Standard Custody's limited purpose trust charterand money transmitter licenses into its repertoire, Ripple aims to fortify itsportfolio of regulatory licenses.

Ripple's Diverse License Holdings Strengthen Market Position

The surge in institutional adoption of cryptocurrencies andblockchain technology can be attributed to the emergence of mature and highlysecure products in the market.

Ripple, along with its subsidiaries, holds an array oflicenses, including a New York BitLicense, nearly 40 money transmitter licensesacross the US, a Major Payment Institution License from the Monetary Authorityof Singapore, and a Virtual Asset Service Provider registration with theCentral Bank of Ireland.

Commenting on the acquisition, Jack McDonald, the CEO ofStandard Custody, highlighted the company's commitment to providing financialinstitutions with the confidence and platform to safeguard their digitalassets. McDonald expressed optimism about the collaboration with Ripple, citingthe latter's deep crypto expertise, financial institution relationships, androbust product offerings in both payments and custody solutions.

Regulatory Approval Pending for Standard Custody Acquisition

This acquisition follows Ripple's strategic move last yearto acquire Metaco, a custody solution favored by banks globally. Additionally,Ripple recently announced custody partnerships with banks such as HSBC, BBVA,and Zodia Custody, as well as expanded its Ripple Payments offering to newterritories like Africa.

Today, were excited to announce that Ripple has signed a deal to acquire @StandardCustody, strengthening our product offerings and adding to our growing portfolio of regulatory licenses around the world. Learn more about our latest acquisition: https://t.co/JJp51mEabL

Ripple (@Ripple) February 13, 2024

The transaction's completion is contingent upon regulatoryapproval and standard closing conditions. Monica Long, Ripple's President, emphasized the company'sfocus on expanding product offerings and supporting innovativeinitiatives. Long stated: "We will continue to leverage our strongfinancial standing to expand our product offerings, support new initiatives onthe product roadmap and serve a broader segment of customers."

This article was written by Tareq Sikder at www.financemagnates.com.