Coinbase will invest in Southeast Asian crypto exchange Zipmex as part of its latest fundraising round.
Coinbase had decided against a full acquisition of Zipmex.
A purchase of Zipmex by Coinbase had been discussed by the pair.
Ultimately the duo settled instead on a strategic investment.
Coinbase had 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.
Zipmex has already hauled in some $52 million in Series B funding — spread across investments of $41 million and $11 million in September 2021 and March this year, respectively.
Zipmex investors include B Capital, TNB Aura, V Ventures, Bank of Ayudhya’s Krungsri Finnovate, Master Ad and MindWorks Capital.
Zipmex is legally headquartered in Singapore but it has deep roots in Thailand — where it has a digital assets exchange license issued by the Ministry of Finance, the local regulator.
In December of last year, The Bangkok Post reported that Zipmex accounted for roughly a quarter of the turnover of the digital assets market in Thailand.
The company also has offices in Singapore, Thailand, Australia and Indonesia.
