Key Takeaways
- Zipmex has introduced that it’s going to re-enable withdrawals for 3 cryptocurrency tokens over the approaching week.
- Solana (SOL) can be obtainable beginning in the present day, whereas Ripple (XRP) and Cardano (ADA) can be obtainable on August 4 and August 9.
- Zipmex suspended buyer withdrawals on July 20 and took steps to partially restore withdrawals in the future later.
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Zipmex, the Thailand-based change that just lately closed withdrawals, has re-enabled withdrawals for sure altcoins.
Zipmex Has Partially Enabled Withdrawals
Zipmex is ready to let its customers withdraw sure tokens.
In an announcement in the present day, Zipmex mentioned that it’s going to enable prospects to withdraw funds from their ZWallets to their commerce wallets. Three tokens can be obtainable over the following week. Solana (SOL) can be obtainable in the present day, August 2. Ripple’s XRP token can be obtainable on August 4. Cardano (ADA) can be obtainable August 9.
Customers will have the ability to withdraw 100% of the steadiness of these tokens from their Z Pockets on the prescribed date.
The change additionally acknowledged that many purchasers maintain Bitcoin (BTC), Ethereum (ETH), and stablecoins. Although it didn’t present a particular date, it mentioned that it will start to permit withdrawals of those tokens “beginning in the midst of August.”
The corporate beforehand opened withdrawals from its commerce pockets on July 21. Nevertheless, transfers between the ZWallet and the commerce pockets remained unavailable till in the present day.
Zipmex initially suspended buyer withdrawals on July 20. The corporate confronted liquidity points on account of its publicity to counterparties, together with Celsius Community and Babel Finance, each of which have frozen buyer entry to funds.
On July 27, Zipmex mentioned that it was looking for creditor safety within the type of a moratorium on debt, which it says will give it ample time to resolve its liquidity points. Although a moratorium is normally thought-about a part of the chapter course of, Zipmex clarified that it has not filed for chapter.
The corporate says that it’s now “exploring a number of avenues” to realize liquidity. Zipmex says that it’s trying to retrieve its funds from Babel Finance and that it’s in “superior fundraising conversations” that can enable it to re-open transfers.
Zipmex additionally mentioned that it has signed a Memorandum Of Settlement (MOU) with two traders and that an unnamed shareholder has invested in its Zipmex Token (ZMT).
Disclosure: On the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
