Siam Commercial bank has announced that it acquired a significant stake in cryptocurrency exchange Bitkub. The Thai bank’s securities subsidiary will acquire a 51% share in the digital asset exchange for 17.85 billion Thai baht ($537 million).
Bitkub announced the news via their website, stating that the decision to partner with Siam Commercial bank would be a “significant step” in the growth of Thailand’s economy in the long term.
Mr. Jirayut Supsrisosopha, Group CEO, Founder and Chief Executive Officer of Bitkub Capital Group Holdings Co., Ltd., said,
“Bitkub has reached the point where we have become an important structure of Thailand’s future economy. Also known as the Digital Economy, Bitkub is no longer just a startup. But it is becoming a necessary infrastructure for the financial industry 3.0 in Thailand. Now we have brought Bitkub to a very important turning point. and in order to bring Bitkub to a global level we need a strong partner to help us reach faster and sustainably. That’s why we partner with SCBS.”
Founded in February 2018, BitKub markets itself as Thailand’s number one crypto exchange. The recent partnership with Thailand’s oldest bank SCB will enable both parties to grow into the new digital economy. The new deal will go ahead in Q1 2022 according to the announcement.
Here’s what the CEO of SCBx Mr. Arthit Nanthawittaya had to say on the announcement:
“In the past 1-2 years, digital asset business, one of the financial businesses of the future world, has grown rapidly. And there is a chance to grow in the long term. “SCB X Group” invests in “Bitkub Online Co., Ltd.), which provides a leading digital asset trading platform in Thailand that has credibility With continuous growth in the past, SCBX Group will be able to create new value that can grow in the long term with the new world. In line with SCBX’s strategy to upgrade to a financial technology group can meet the new needs of consumers and able to enter a new field of competition that is coming up very quickly in the next 3-5 years.”
SCB is no stranger to investments in fintech and DeFi, with its fintech venture subsidiary having already invested in several fintech/DeFi companies including Ripple, Fireblocks, and BlockFi.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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