Upbit, a leading cryptocurrency exchange, has introduced its services in Thailand on Wednesday, taking advantage of the technical problems faced by the famous BitKub. It already received the required licenses from the Thai SEC last year to function in Southeast Asian countries lawfully. The exchange will concentrate on the Thai market, enabling residents to trade cryptocurrencies seamlessly. Upbit has its headquarters in South Korea and has operations in Singapore and Indonesia.
To function in Thailand, Upbit has established a joint venture with APAC Pte and a group of Thai billionaires, including CP Group heir and owner of Fortune magazine, ChatchavalJiaravanon, SET-listed Energy Absolute Founder, SomphoteAhunai and PreechaPraipattaraku. CP Group is Thailand’s most giant conglomerate, managing the majority of the nation’s food supply. It is also involved in various services, from government infrastructure projects to Covid-19 vaccines, and now crypto. Moreover, Upbit is one of the biggest cryptocurrency exchanges in South Korea. With Upbit Thailand, it has established its presence in the productive Southeast Asian market.
Upbit taking advantage of BitKub shortcomings?
This is the best time for the Thai launch as the leading local exchange. BitKub is suffering hostility from the regulator and the customers to control traffic in the recent market surge. The financial regulator directed it to cease services and solve various current blackouts during periods of high demand. It experienced recurring outages in January and got a regulatory notice to resolve technical faults in five days that developed another sudden outage of its desktop platform.
However, Bitkub handles Thailand’s maximum crypto trades, with an expected 97% of the total local market share. Its fame skyrocketed after the conclusion of BX Thailand in September 2019. Nonetheless, many other exchanges function in Thailand; however their services are not par with the market leader. Binance, which leads in the global crypto markets, only allows Thai baht services on its P2P platform. Moreover, smaller local exchanges like Zibmex and Kulap have recorded an influx of consumers this week.
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