{"id":332726,"date":"2021-08-31T13:15:27","date_gmt":"2021-08-31T10:15:27","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mufg-boosts-its-crypto-exposure-following-41m-zipmex-funding-round\/"},"modified":"2021-08-31T13:15:27","modified_gmt":"2021-08-31T10:15:27","slug":"mufg-boosts-its-crypto-exposure-following-41m-zipmex-funding-round","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mufg-boosts-its-crypto-exposure-following-41m-zipmex-funding-round\/","title":{"rendered":"# MUFG boosts its crypto exposure following $41M Zipmex funding round"},"content":{"rendered":"

“# MUFG boosts its crypto exposure following $41M Zipmex funding round <\/strong>”
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Thailand’s Bank of Ayudhya (BAY) \u2013 in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake \u2013 participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex.<\/p>\n

The $41 million raise, which saw<\/a> the participation of\u00a0two publicly traded Thai media<\/a> firms and overseas VC funds in addition to BAY, accounts for the lion\u2019s share of Zipmex\u2019s total $52 million in funds raised to date.\u00a0<\/p>\n

BAY\u2019s corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance. Commenting on the news<\/a> of the Zipmex raise, its managing director today stressed<\/a> to Reuters that \u201cif we don\u2019t stay close, technology<\/a> will be further away from the bank.\u201d\u00a0<\/p>\n

For the exchange, the plan is to use the fresh funding to double its current user base to hit one million over the next six months. Zipmex is currently the only digital assets platform\u00a0licensed in Thailand, operates under regulatory supervision in Indonesia\u00a0and Australia, and has a notified regulatory exemption in Singapore. It is reportedly in the process of app<\/a>lying for a Major Payment Institution license with Singapore\u2019s de facto central bank, the Monetary Authority of Singapore, which would enable it to provide digital payment token services in the city-state, among other offerings.\u00a0<\/p>\n

At present, the Singapore-headquartered exchange conducts roughly half its business in Thailand, a fifth in Indonesia and the rest in Singapore and Australia, according to CEO Marcus Lim.<\/p>\n

The exchange also has its sights on expanding its technology and compliance teams to roll out new digital assets products in lending, payments and securities. It currently offers exchange users two earnings accounts, one flexible and one fixed-term, and supports crypto spending through a partnership with Visa, with plans for its own crypto card launch later this year.<\/p>\n

Related: Digital asset platform Zipmex partners with Visa in Asia-Pacific<\/em><\/strong><\/p>\n

In Thailand, Zipmex has also recently partnered with the largest operator of movie theaters in the country, Major Cineplex Group, and lo digital payment startup RapidZ to allow some moviegoers to buy tickets with cryptocurrencies like Bitcoin (BTC).\u00a0<\/p>\n