This will give Zipmex, the latest among a recent string of cryptocurrency firms here facing troubles, some breathing space to address its financial issues.
On Monday, the court heard that Zipmex makes money via two primary means. The first is by charging users a fee for each trading transaction, and the second is by deploying assets to other exchanges in the form of loans that will get repaid with accrued interest. “Our loan to Celsius Network was minimal and we intend to write off this loss against our own balance sheet,” the statement stated.
The Trade Wallet is where customers place their fiat money as well as buy and trade crypto assets. Customers can transfer their assets to the Z Wallet to earn additional bonuses, such as interest under an optional ZipUp+ programme.
“These are concrete proposals, they are not an idea of fancy,” said Mr Tang, adding that the proposals if successfully carried out will allow customers to then transfer back the assets from their Z Wallets into their Trade Wallets and withdraw them if they like. The bankruptcy protection would hence halt these claims from continuing and give Zipmex the necessary space to work with the potential investors.
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