Black_background_logo_BitcoinWorld-removebg-preview
Thailand
Latest News

Thailand Siam Commercial Bank Acquires 51% In Bitkub exchange

One of the largest banks in Thailand makes investment in the leading crypto exchange in the country.

More so, Siam Commercial Bank invests more than half a billion dollars to acquire 51% of Bitkub exchange. Of course, this is to get more mainstream crypto adoption in Thailand.
Notably, Siam, the oldest bank in Thailand makes investment in Bitkub through its holding company SCB X.

As per the announcement, the bank pays THB 17.85 million (US$537 million) for its stake in one of the exchanges in.
More so, Bitkub is the dominant exchange in the Thailand market, which according to SCB, holds over 90% of the local digital asset market.

Also, For the nine months, it processes $30 billion in trading volume, making a net profit of $46 million.

Then, CoinMarketCap data reveals it processes $303 million in the past day.
Consequently, many major institutions are investing in crypto businesses around the world.

“Siam based its purchase on its assessment of the growth in the local digital asset space.”


Lastly, Thailand Siam Commercial Bank’s CEO Arthit Nanthawittaya says the bank is buying into the growth in the local digital asset space.

Furthermore, The bank is looking for multiple ways of growing the industry, according to its CEO.

Conclusively, Thailand Siam also rebrands as a fintech company with the vision of dominating. Especially, the Southeast Asian market by 2025 and then amassing 200 million customers. Also, Bitkub can get Thailand Siam an entry into Web 3.0

Gensler, SEC Chair Discusses Issues Around The BTC-linked ETF

Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.