So, Siam Commercial Bank Securities, a subsidiary of SCB acquires 51% stake in Bitkub. Notably, this is for approximately US$535.6 million, according to an announcement on Tuesday.
Furthermore, The transaction will be complete by the first quarter of 2022, as it’s subject to regulatory compliance.
More so, SCB’s investment in Bitkub is due to the significant growth opportunities in the digital assets space. So, this is according to the announcement.
Additionally, This will assist SCB further develop the country’s cryptocurrency ecosystem.
“SCB Group’s investment in Bitkub … will help the SCB Group…”
“create new growth value in the long term amid a new financial world,”
Then, Arthid Nanthawithaya, CEO and chairman of the Executive Committee at SCB Group notes while explaining the investment.
“The move is in line with SCB Group’s strategy to upgrade to a financial technology group,..”
“meeting new consumer needs and entering a new competitive…”
“arena that will emerge very quickly in the next three to five years.”
More so, this is not SCB’s first investment in the digital asset space.
Consequently, The banking group’s venture arm is investing US$110 million in decentralized finance.
Bitkub Backgrounds
So, it is licensed by the Thailand Securities and Exchange Commission. Currently, it records trading volume of over US$30 billion between January and September of this year.
Which of course, represents a 92% market share.
Also, in same time, its revenue surpasses US$98 million while its profit hits US$45 million.
“Bitkub is no longer just a startup and is now becoming a necessary…”
“part of the infrastructure critical for Thailand’s financial industry 3.0,”
As, Jirayut Srupsrisopa, Bitkub CEO and founder says.
“Having brought Bitkub to a very important turning point, we needed to elevate Bitkub to…”
“the global level, so we turned to a strong partner like…”
“SCB to help us achieve our target faster and more sustainably.”
