Coinbase Global (NASDAQ:COIN) has agreed to invest in Singapore-based cryptocurrency exchange Zipmex despite previous talks about an acquisition, according to a report by The Block on Thursday. Shares of Coinbase (COIN -6.1%) are sliding in afternoon trading as bitcoin (BTC-USD -0.3%) dips slightly into negative territory. Zipmex, who has offices in Thailand, Indonesia and Australia, is reportedly working on raising $40M in a Series B+, valuing the exchange at $400M, The Block noted, citing one person familiar with the plans. "We have not finalized lead investors or valuation," a spokesperson for Zipmex told The Block. Coinbase (COIN) was previously discussing with Zipmex about a full acquisition, though it settled instead on a strategic investment in March, people with knowledge on the matter explained to The Block. In the beginning of June, Coinbase extended its hiring pause as crypto winter takes hold.
