Crypto exchange allows users to withdraw Solana, XRP, Cardano among other tokens
Top cryptocurrencies including Bitcoin and Ether remain locked up, crypto exchange Zipmex said
PremiumAsia crypto exchange Zipmex Pte has planned to allow its users to withdraw some tokens from their trading accounts. The exchange has set a timeline for withdrawals of cryptocurrencies that include Solana’s SOL, Ripple’s XRP and Cardano’s ADA, from Zipmex’s Z Wallet.
SOL tokens would be released August 2, which the company later on Tuesday updated that Solana has been credited to Trade Wallet. Meanwhile, XRP would be released on August 4 and ADA on August 9, the crypto exchange said. However, withdrawals from Zipmex’s yield-based program ZipUp+ remain suspended. Also, top cryptos including Bitcoin and Ether remain locked up, the company said in a statement.
Zipmex, which operates in Thailand, Singapore, Indonesia and Australia, filed for bankruptcy last week after it halted withdrawals in July, citing volatile market conditions, and the resulting financial difficulties of its key business partners. Last week, Thailand’s Securities & Exchange Commission ordered Zipmex’s Thai unit to lift a freeze on some digital coins.
Zipmex, which operates in Singapore, Thailand, Indonesia and Australia according to its website, is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in markets that started in May with the collapse of two paired tokens, Luna and TerraUSD.
Zipmex is the latest in a string of crypto players globally to run into difficulties following a sharp sell off in crypto markets that started in May with the collapse of two paired tokens, Luna and TerraUSD. Zipmex joins crypto firms from Celsius Network Ltd. to Vauld in suspending withdrawals, leaving depositors in the lurch and underscoring the perils of leveraged bets permeating the industry.
The crypto exchange was launched in September 2019 and is based in Singapore and Thailand, according to its website. Several crypto companies have filed for bankruptcy or have been forced to look for emergency capital infusions.
The cryptocurrency market failed to recover from Terra’s collapse in May as insolvency threats loomed large over major crypto lending companies, spreading fear among market participants. Cryptocurrencies, such as bitcoin, surged in price in 2020 and 2021, but have fallen sharply this year.
(With inputs from agencies)
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