Singapore-headquartered crypto alternate Zipmex has introduced to pause withdrawals till additional discover, turning into one other crypto firm to bear the brunt of unstable market situations.
The digital property alternate has operations in Singapore, Australia, Indonesia and Thailand.
In a tweet late on Wednesday, Zipmex stated that as a result of a mixture of circumstances “past our management together with unstable market situations, and the ensuing monetary difficulties of our key enterprise companions, to take care of the integrity of our platform, we might be pausing withdrawals till additional discover”.
Zipmex’s purpose final 12 months was to develop into the most important digital alternate within the Asia Pacific area.
In its final reported determine, Zipmex had transacted over $600 million in gross transaction quantity since launching on the finish of 2019.
Crypto unicorn Babel suspended withdrawals in June, whereas one of many largest crypto lenders Celsius filed for chapter this month.
Vauld, one other Singapore-based crypto platform, has additionally suspended withdrawals, buying and selling and deposits.
A number of crypto platforms and exchanges have laid off workers as the worldwide crypto market goes by way of a meltdown.
Final week, non-fungible token (NFT) market OpenSea‘s co-founder and CEO Devin Finzer introduced that the platform is shedding about 20 per cent of its whole workers.
The Singapore-based 3AC filed for chapter within the US earlier this month to guard its property from collectors. 3AC defaulted on a greater than $650 million mortgage offered by crypto dealer Voyager Digital, which has additionally filed for chapter.
Singapore-based cryptocurrency alternate Bybit has laid off 2,000 workers whereas international crypto exchanges and companies together with Coinbase, Gemini, Crypto.com and others introduced to downsize their workforce.
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