FILE PHOTO: A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic/Illustration

 

By Chayut Setboonsarng

 

BANGKOK (Reuters) - Thai cryptocurrency startup Zipmex said on Tuesday it had raised $41 million from the country's fifth-largest lender, Bank of Ayudhya Pcl, as well as media firms, and plans to expand product offerings and its user base.

 

The investment brings the company's total funds raised to $52 million.

 

Japan's Mitsubishi UFJ Financial Group holds a 76.9% stake in Bank of Ayudhya (BAY). BAY's venture arm, Krungsri Finnovate, has invested in other startups like ride-hailing app Grab.

 

BAY joins Thai media companies, Plan B Media Pcl and Master Ad Pcl, and foreign venture capital funds in the investment round.

 

The deal will give BAY greater exposure to blockchain and the digital asset ecosystem, Krungsri Finnovate managing director Sam Tansakul said.

 

"If we don't stay close, technology will be further away from the bank," he told Reuters.

 

In the short term, new financing will help Zipmex double users to one million in the next six months, chief executive Marcus Lim said.

 

Over half of its business is in Thailand and about a fifth in Indonesia, Lim said. It also has users in Singapore and Australia, where it plans further expansion.

 

Zipmex plans to build up its technology and compliance teams to offer new products in lending, payments and securities.

 

(Reporting by Chayut Setboonsarng; Editing by Ed Davies)

 

-- © Copyright Reuters 2021-08-31

 

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"Zipmex", huh? Que pasa?

Something like this was bound to happen... I just sold off a load of my zipmex tokens yesterday! 

3 hours ago, webfact said:

Japan's Mitsubishi UFJ Financial Group holds a 76.9% stake in Bank of Ayudhya (BAY)

Interesting, just last week it was announced that this same Japanese bank teamed up with Coinbase (Nasdaq: COIN) as their banking partner for the launch of Coinbase Japan

 

Looks like Mitsubishi UFJ are rapidly expanding their crypto related operations.

 

it's a bubble.