Zipmex Prepares Three New Crypto-Based Products After Announces Series B Funding

Crypto asset trading platform Zipmex is releasing a number of new products that will be launched in the near future after the acquisition Series B funding $41 million earlier this week. The three products are Zipmex Card, ZipWorld, and Z Launch. Some of these products are already present in Thailand.

Zipmex Co-Founder and CEO Marcus Lim explained, the products above are part of the utilization of Zipmex tokens (ZMT) so that more benefits are felt by users. In further detail, the Zipmex Card is a new Visa-enabled payment card enabling Zipmex users to spend their assets at Visa's global network of over 70 million merchants.

The plan is that the card will be launched at the end of this year. Visa previously announced that it had invested $1 billion to develop a card that could support crypto assets as a means of payment.

Next is ZipWorld which provides space for users to enjoy limited edition lifestyle products and access exclusive experiences using ZMT. This product has a beta version in Thailand and will follow in Indonesia in the near future.

Later ZipWorld will be integrated with the rising NFT space. Users can purchase and collect curated NFTs from Zipmex's creative partners.

Finally, Z Launch is a platform that allows users to access early investments into new token projects. "Every product we release, we will ensure that the regulatory body in each country has given approval or permission first," said Lim at a press conference, Friday (3/9).

According to him, compliance with applicable regulations in each country where Zipmex operates proves its commitment to being a safe investment platform. In Indonesia, Zipmex is one of a number of crypto asset marketplaces registered with CoFTRA.

Previously, the company had released products staking ZipLock, which is a term savings account, can lock assets for 45 days in the form of ZMT owned by the user. In return, users get interest up to 16% per year which is paid daily.

Services staking another is ZipUp which is an interest-bearing crypto asset deposit product that can be withdrawn at any time. Interest offered on digital assets held up to 8% per annum and is compounding, meaning that interest is paid daily directly to the user's wallet.

"Not only that, we will also continue to educate. We want to educate our users to become advanced traders and have sufficient knowledge of the crypto world.”

In addition to launching products, Lim said that the company will also expand into new countries. Zipmex has ambitions to become a regional player. Two Southeast Asian countries have been targeted, namely Vietnam and the Philippines. "But we don't have an immediate plan on when to go there because the most important thing is the consolidation of the existing market."

Series B funding for Zipmex led by Krungsri Finnovate Co. Ltd (CVC from Bank of Ayudhya PCL), followed by Plan B, and Master Ad. Previous investors who participated in this round were MindWorks Capital and Jump Capital.

Zipmex developments in four countries

On the same occasion, Zipmex's CMO Proud Limpongpan described Zipmex's achievements over the past year. ZipTrade has facilitated a total cumulative trading volume of $4 billion globally year to date. Its growth in percentage reached 256% (CGR).

ZipUp and ZipLock have a total of AUM $216 million with 450% growth on a year to date. Lastly, ZipSpend has worked with more than 100 enterprise partners since it was first launched five months ago.

Overall, Zipmex's total users grew ninefold to more than 899 thousand people spread across four countries. The majority of these users come from Thailand, while the portion of Indonesian users is around 35%-40%.

As for the total managed fund of $360 million as of August 2021 (more than 5,1 trillion Rupiah).

“We are targeting AUM by the end of this year to reach $500 million. With a 16-fold growth target, we are targeting by the end of 2023 to reach $8100 million," he said.

The organic trading volume since ZMT's inception has almost crossed the $1 billion mark with the availability of 62 million ZMT tokens out of 200 million tokens put up.

In Indonesia, Zipmex competes with 13 other official platforms that have obtained permission from CoFTRA. Indodax is recorded to have the most users with more than 4 million people. The Ministry of Trade noted that investors in this instrument reached 6,5 million people with a transaction value of IDR370 trillion until May 2021. This figure exceeded the number of stock investors whose SID number reached 5,6 million investors as of June 2021, per OJK data.