Zipmex Pte, the beleaguered operator of the Asian cryptocurrency exchange, is in advanced talks with a venture capital fund. V Ventures on the sale of a majority interest in the business to a potential investor, aAccording to Bloomberg, people with knowledge of the matter asked not to be identified discussing sensitive information.

V Ventures is a subsidiary of Thoresen Thai Agencies, one of Thailand’s largest and longest serving investment firms. Zipmex named V Ventures to identify potential buyers or investors, the sources said.

The potential investor, whose real name has not been released, is understood to be heading for the takeover, which would see the buyer acquire a majority stake in the company, the people revealed.

Zipmex is on track to sign on Friday, but negotiations are ongoing and it is not certain they will lead to a deal, the people said. The value of the deal has yet to be disclosed.

Talks are underway, and in recent months there has been a growing sense around the stock that a potential investor is prepared to buy. In August, Zipmex stated that it was in “advanced talks” with two investors. The exchange is close to completing the deal and it is believed that it could be done before the end of this month.

In late July, the Southeast Asia-focused crypto exchange filed for bankruptcy amid the threat of legal action from creditors.

The app helped protect the exchange from third-party actions, claims, and proceedings while working to focus all of its efforts on resolving the bankruptcy crisis without worrying about creditor claims.

Zipmex ran into a liquidity crisis after its exposure to Babel Finance soured, forcing it to suspend trading withdrawals. Blockchain.News reported on the matter on July 22.

The company is under a moratorium until December 2 that gives it protection from creditors while it finalizes its search for new investors to boost its business.

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