Latest payment for working capital missed but Thai unit still has cash to meet payroll
Vehicles drive past a billboard promoting the Zipmex app in February last year. (Bangkok Post File Photo)
The rescue plan for the embattled regional crypto exchange Zipmex is beginning to fray after the company failed to receive the most recent payment due under a US$100-million venture capital buyout.
The payment of $1.25 million was due on March 23 to fund working capital, according to a letter seen by Bloomberg News. Zipmex said in the letter that it would have to start liquidation proceedings for a unit, Zipmex Technology Co, and suspend that division’s payroll unless it gets the money.
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