Zipmex has just announced that it has secured an oversubscribed $6 million round in fresh capital. This latest round of funding was led by Jump Capital, a US-based venture capital firm that leans toward investing in tech companies that are primarily data-driven. This includes companies such as Bitso, BitGo, Curv, Personal Capital, M1 Finance, and TradingView.

Peter Johnson of Jump Capital said, “Zipmex is providing the Asia Pacific region with a trusted, regulated, and innovative digital asset exchange. We believe in the company’s mission and the future of digital asset investing in Asia.”

The Singaporean startup exceeded its target for the round, which was set at $4 million. Aside from this fund, Zipmex was able to raise $3 million from its pre-Series A round in September 2019. For its Seed funding round, it raised $1.9 million in January 2019. This brings the company’s total fundraise to $10.9 million to date.

There could not have been a better time for Zipmex to secure this fund. Just this month, Bitcoin broke the price ceiling yet again and reached a record high of $41,941 per BTC.

The company is currently regulated in Singapore, Indonesia, and Australia, and licensed in Thailand. Zipmex is looking to use these funds in achieving its goal of becoming Asia Pacific’s largest digital assets exchange platform. The company plans to grow the team and work on its current product offerings and set up new offerings to further diversify. This will include working on ZipUp, Zipmex’s interest-bearing product, and ZMT, its new native token.

Zipmex has provided a platform for its users to trade multiple digital assets which include Bitcoin and Ethereum. For every transaction done on their platform, Zipmex charges rates starting from 0.2% as trading fees. It has performed very well and even teamed up with BitGo to make sure that wallets are insured up to $100 million under its digital insurance policy. Since launching late in 2019, Zipmex has claimed a total of $650 million in transactions going through its platform with more than 100,000 users.

Zipmex CEO, Marcus Lim said, “ZipUp and ZMT have come about due to recent changes in the industry and growing investor demand for higher yields on their assets. We see a big opportunity for digital assets to grow, particularly with the technological innovations of decentralized finance protocols and solutions.”

Featured image credit: Zipmex