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
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