Zipmex now has 15 days to correct its financial position and create a system to prevent the improper use of customer funds.
Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar: Bloomberg
The Singapore-based firm has proposed to pay creditors 3.35 cents on the dollar in its latest restructuring plan, according to Bloomberg, which cites people familiar with the matter.
Crypto exchange Zipmex suspends trading activity in Thailand
Cryptocurrency exchange Zipmex has announced it has suspended trading in Thailand to ensure it complies with local regulations.
Zipmex requests 2-month extension from Singapore court for restructuring plan
A ruling from Singapore’s High Court originally allowed Zipmex a moratorium until December 2022 to handle debt relief amid reported liquidity issues.
Crypto Exchange Zipmex Files for Two-Month Moratorium Extension
Troubled cryptocurrency exchange Zipmex has filed for a two-month extension to its moratorium agreement to the Singapore court, according to an announcement.
Crypto Exchange Zipmex’s Restructuring Plan Approved by Singapore Court
Zipmex Acquisition Stumbles as Buyer Misses Payment: Bloomberg
The payment was due on March 23 and was required to fund working capital.
Crypto Exchange Zipmex to Restart Customer Withdrawals After Closing Takeover Deal
Zipmex, the South East Asian cryptocurrency exchange that found itself embroiled in a credit crunch last year, will re-open customer withdrawals this week.
Zipmex says it may resume 100% of Z wallet withdrawals subject to conditions
The creditors have until February 21, 2023, to vote on a new scheme proposed by the company.
Thai SEC files police report on Zipmex, alleging ‘incomplete’ info for compliance procedures
The Cyber Crime Investigation Bureau in Thailand will now consider whether to pursue legal action against Zipmex following the SEC’s allegations.
Thai SEC approves four crypto firms despite Zipmex woes
Thailand’s regulators are still approving crypto companies despite one of its largest ones suspending withdrawals.
After weeks of rumors, Thai crypto exchange Zipmex files for bankruptcy in Singapore
It appears the firm’s fortune took a turn to the worst via its exposure to troubled crypto lending service Babel Finance.
Zipmex resumes withdrawals for trade wallets
The crypto exchange said it had $48 million in exposure with Babel Finance and $5 million with Celsius — both firms faced liquidity and insolvency issues, respectively.
Visa Describes NFTs As Promising Means To Engage With The Fans
Visa now makes a full head plunge into the NFTs following its evaluation of the technology behind the assets. The global payment giant described NFTs as having the potential to serve as the engagement medium for fans. Visa made this description through its recent whitepaper publication.
The publication suggests that Visa sees non-fungible tokens as a crucial innovation during the recent pandemic. The publication observed that strict restriction orders cause a limitation to live sports, music festivals, and entertainment.
Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO
The emergence of NFTs came when fans are eager to join digital communities that portray their favorite sports teams and artists.
What Will Trigger The Move For NFTs?
Professional sports got the hardest blow from the pandemic. There’s an estimation of an $18 billion revenue loss across the major global leagues.
Visa envisages that this further pushes for the need for revenue diversification and more focus on technology. This will bring repositioning for more business growth opportunities and gain more fans’ attention and participation.
According to the report, NFTs are attractive to fans, leagues, teams, talents, and collectors. It further unveils the peculiarity of the NFTs as the basic sources of fan engagement, fresh revenue streams, and customer relationship management. However, the major utility situations of NFTs so far are art, gaming, and collectibles.
The release of the whitepaper came with an announcement from Visa on the purchase of CryptoPunk 7610, its first NFT. Visa bought the NFT for $150,000, and the token has its proof of ownership stored on the Ethereum network. The collection comprises 10,000 unique NFTs.
Industry sources record the sales of 2,519 CryptoPunk collectibles within the past 30 days—the sales sum amount to $467.4 million. The highest-grossing sale within the period falls on CryptoPunk 7252, sold for 1,600 ETH, worth $4.5 million.
Besides the increased adoption for CryptoPunk, NFTs are also gaining popularity in other niches. There’s a report that the NFT marketplaces net sales in August will surpass $900 million.
This sets the industry’s new record. The previous record, set in May, was when the net NFTs sales hit $255 million. The month of May saw the crypto markets reaching new all-time highs and then proceed to a multi-month correction experience.
Related Reading | Cream Finance Loses $25 Million To A Flash Loan Attack
Visa’s plunge into NFTs is not a surprise move as the company already has a growing interest in cryptocurrencies. The firm had a recent agreement with Zipmex, a crypto platform.
This results in the provision of crypto payment integration within the Asia-Pacific region. In addition, earlier in the year, Visa confirmed its commitment to establishing crypto payment and fiat on-ramps. This was its move to boost the class of digital assets.
Featured Image From Pixabay
Digital asset platform Zipmex partners with Visa in Asia Pacific
Visa is continuing to extend its integration with regulated crypto companies worldwide.