Venture capitalists bail on Zipmex bailout, company warns of consequences: Report By Cointelegraph
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Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Ventures. The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without the money.
The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23, according to a Bloomberg report. Zipmex said in a letter to V Ventures that without the cash infusion, it would have to begin liquidating its Zipmex Technology unit and suspend its payroll.
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Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Ventures. The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without the money.
The $1.25 million payment was intended to provide working capital for the Singapore-based exchange and was due March 23, according to a Bloomberg report. Zipmex said in a letter to V Ventures that without the cash infusion, it would have to begin liquidating its Zipmex Technology unit and suspend its payroll.
Continue Reading on Coin Telegraph
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