Thailand-based cryptocurrency exchange Zipmex has received a bid for a deal in which an unnamed third party will help the company “save” the business.

Important Announcement
Our discussions with various interested parties have progressed significantly. One of these parties proposed terms in a Memorandum of Understanding that included confidentiality obligations in order to initiate Due Diligence. #zipmeks

— ZIPMEX (@zipmex) July 24, 2022

“Our discussions with various stakeholders have made significant progress. One of these parties proposed a set of conditions under the following conditions: Memorandum of UnderstandingIncluding confidentiality obligations to be able to initiate the Due Diligence process,” he said.

Representatives of the platform did not specify whether it was an investment or a takeover of the company.

On July 20, Zipmex suspended the withdrawal, citing “caused by volatile market conditions and financial difficulties of key business partners.”

In particular, companies are indebted to landing platform Celsius Network and crypto financial services provider Babel Finance. Their debts are $5 million and $48 million, respectively. Both institutions face serious difficulties.

On June 17, Babel Finance announced that it is suspending payments and withdrawals from its own products due to lack of liquidity. Later, information appeared in the media about the potential restructuring of his business.

On July 14, Celsius Network filed for bankruptcy and reported a $1.2 billion “hole” in its balance sheet.

At the end of the week, Zipmex partially resumed deposits and withdrawals.

Recall that Kaiko analysts allowed some cryptocurrency exchanges to go bankrupt due to non-local market conditions, a decrease in customer activity, and problems from a number of industry participants.

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