Zipmex Taps Polygon to Further Metaverse Efforts in APAC Region

Digital asset exchange Zipmex has entered into a strategic partnership with Polygon’s gaming arm in an attempt to further the exchange’s metaverse ecosystem across the Asia-Pacific.

The Singapore-headquartered exchange, which launched its metaverse Zixel last month, said the partnership with Polygon Studios would help draw in new users as part of its “long-term strategy” for future growth, according to a recent press release.

As part of the deal, the Singapore-headquartered firm also said Polygon would be rolling out “new virtual experiences” via its metaverse as well as investing in the exchange’s native token, ZMT. Zipmex’s product will leverage the Polygon blockchain that purports to be the “best in class” solution for energy efficiency and scaling.

The move comes as thousands of companies globally are seeking to expand into virtual worlds in a bid to enhance their brand presence and capture a segment of the potentially lucrative sector. Last week, US retail corporation CVS Pharmacy filed a trademark application to sell “downloadable virtual goods” in the metaverse.

“We look forward to introducing new metaverse initiatives via Zixel…as well as normalizing crypto and blockchain as part of life in Southeast Asia,” said Steven Bryson-Haynes, business development head at Polygon Studios.

As part of its announcement, Zipmex’s release of its metaverse has coincided with Thailand’s “first-ever” metaverse concert hosted on Decentraland as well as a physical metaverse exhibition to celebrate the launch.

The exhibition titled “Metaworld by Zixel,” which runs until March 20, allows participants to partake in a number of experiences allowing them to “explore, create and trade on Decentraland” in a bid to familiarize new users.

Zipmex is estimated to account for roughly one-quarter of the total revenue of the digital asset market in Thailand, consisting of roughly 1.7 million traders across a number of domestic exchanges, according to the country’s Securities and Exchange Commission cited in a report by the Bangkok Post last year.

Around 3.6 million people, or 5.2% of Thailand’s total population, currently own cryptocurrency, according to data by Singapore central bank-compliant payments firm Triple A.

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.