Coinbase Global (COIN) has agreed to make a strategic investment in Singapore-headquartered cryptocurrency exchange Zipmex, according to a report by The Block.

Zipmex reportedly has plans to raise $40 million in a Series B+ pushing its valuation to $400 million. Last year, the firm raised $41 million in a Series B with investment from the Bank of Ayudhya, one of Thailand’s largest banks.

The exchange is headquartered in Singapore and has offices in Thailand, Indonesia and Australia. Coinbase was previously in acquisition talks with Zipmex, although it opted against that in March, according to the report.

Coinbase shares were up 1.45% at $70.55 in pre-market trading.

Coinbase and Zipmex did not immediately respond to CoinDesk’s request for a comment.

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