Zipmex
Crypto Overview
Overview
Zipmex Token (ZMT) is the native utility token of the Zipmex cryptocurrency exchange platform. The token was designed to provide utility within the Zipmex ecosystem, primarily through trading fee discounts and access to platform features.
Purpose and Utility
The intended purpose of ZMT is to serve as a utility token within the Zipmex exchange ecosystem. Token holders can receive trading fee discounts, earn rewards through the ZipUp program, and participate in platform governance.
Current Status
As of 2024, Zipmex has faced significant challenges. The platform entered bankruptcy proceedings in 2022 following the crypto market downturn and exposure to failed platforms like Celsius and Babel Finance. In late 2023, Gulf Innova acquired Zipmex's operations, though the status of ZMT utility remains uncertain during this transition period.
Business Model Analysis
The token's core utility focuses on exchange operations and rewards, which are permissible activities from an Islamic finance perspective. The token does not inherently involve interest-bearing products or gambling mechanisms in its fundamental design.
Development and Adoption
Following the platform's financial difficulties and restructuring, development activity and adoption metrics have significantly decreased. The token's primary use case remains tied to the Zipmex exchange ecosystem.
Crypto Impact
To assign a comfort level investing in Zipmex from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Zipmex.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.