siam commercial bitkub 1b nguyenbloomberg

BitkubTypePrivateIndustryBitcoinTechnologyCryptocurrencyBlockchainFounded2 February 2018; 4 years ago (2018-02-02)FounderJirayut SrupsrisopaHeadquarters500+Websitehttps://www.bitkub.com/

Bitkub is a Thailand-based cryptocurrency exchange, operated by Bitkub Online Co., Ltd. (Thai: บริษัทบิทคับ ออนไลน์ จำกัด) under its parent group Bitkub Capital Group Holdings (Bitkub Capital Co., Ltd.). It was founded in 2018 by Jirayut Srupsrisopa, and was among the first exchanges to receive a digital asset license from the country’s Securities and Exchange Commission, in 2019. It claims to be the largest cryptocurrency exchange in the country, with a share of 90% of crypto transactions based on 2021 data from regulated exchanges.

The transaction will be subject to compliance with rules and regulations of the relevant regulatory authorities, such as the Bank of Thailand and the Office of the Securities and Exchange Commission, and will be conditional upon the satisfaction in material respects with the results of the due diligence and the parties’ fulfillment of all conditions specified in the share purchase agreement.

The transaction is expected to be completed by the first quarter of 2022.

Earlier in September, SCB set up SCBX Group as a “mothership” to increase flexibility and competitiveness as it aims to become a regional financial technology group spanning a variety of financial businesses and platforms and laying the groundwork for an evolving global context.

“Digital asset exchange has rapidly gained popularity over the past few years and will grow even further in the long term.

Siam commercial bitkub 1 b nguyenbloomberg

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. 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,” said Bitkub Capital Group Holdings Co., Ltd. Founder and Group Chief Executive Officer Jirayut Srupsrisopa.

“SCB is a financial institution that has supported the Thai people for over 114 years.
To support new business growth, SCB has undertaken a major strategic move to reorganize its structure and transform into the SCBX Group. The most important thing is that Bitkub and SCBX share a common goal and vision with regard to the importance of digital assets for the country and the Thai people in the long term.


Statista in early 2021 showed that 72% of respondents who traded cryptocurrencies in Thailand used Bitkub, beating the likes of Binance and Satang Pro.

“New financial world”

Thailand’s oldest bank which has been in business for over 100 years said the Bitkub acquisition “will help the SCB Group create new growth value in the long term amid a new financial world.”

“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,” added Siam Commercial Bank chief executive Arthid Nanthawithaya.

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Siam Commercial Bank said the deal is expected to be completed by the first quarter of 2022.

Retrieved 11 December 2021.

  • ^Russell, John (9 January 2019). “Thailand issues its first licenses to 4 crypto exchanges”. TechCrunch. Retrieved 11 December 2021.
  • ^ abNguyen, Anuchit (3 November 2021). “Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake”. Bloomberg. Retrieved 11 December 2021.
  • ^Polkuamdee, Nuntawun (26 November 2019).

    SEC asked to shut out large foreign entrants”. Bangkok Post. Retrieved 11 December 2021.

  • ^Polkuamdee, Nuntawun; Chudasri, Darana (20 January 2021). “Bitkub told to fix platform issues”. Bangkok Post. Retrieved 11 December 2021.
  • ^Polkuamdee, Nuntawun (5 February 2021).
    “SEC bars Bitkub from registering new clients”. Bangkok Post. Retrieved 11 December 2021.
  • ^Chudasri, Darana (22 April 2021).
  • The company has announced plans for international expansion in Southeast Asia.[12]

    It was fined a total of 3.9 million baht for eight infractions including system outages and disruptions, violating trading rules, insufficient customer support, insufficient market surveillance, improper customer asset storage, and improper compliance system.[13][14]

    References[edit]

    1. ^Russell, John (18 January 2019). “Go-Jek buys fintech startup Coins.ph for $72M ahead of Philippines expansion”. TechCrunch. Retrieved 11 December 2021.
    2. ^ ab“From troublemaker to Thailand’s first fintech unicorn – tracking Jirayut Srupsrisopa’s crypto journey”. Thai PBS World. 6 December 2021. Retrieved 11 December 2021.
    3. ^Polkuamdee, Nuntawun (8 December 2018).
      “For ‘Topp’, no use resisting the urge to coin money”. Bangkok Post.

    SCBX Group create new growth value in the long term amid a new financial world. The move is in line with SCBX 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,” said SCBX Chief Executive Officer and Chairman of the Executive Committee Arthid Nanthawithaya.

    According to the statement, apart from the investment, SCBX Group plans to work closely with Bitkub as a business partner, developing digital asset businesses through new business models to create long-term added value and lay the foundation for further entry into the financial world of the future.

    “Bitkub has reached a milestone by becoming an important part of Thailand’s digital economy infrastructure.

    South-east Asia’s second-largest economy as young investors seek better returns from their savings amid low interest rates and an economic slowdown. SCB’s expansion into digital assets comes even as policymakers and regulators caution investors about the risks of crypto assets.

    “Bitkub has reached a milestone by becoming an important part of Thailand’s digital economic infrastructure,” said Mr Jirayut Srupsrisopa, the 31-year-old chief executive and a founder of Bitkub Capital Group Holdings Co, which operates Bitkub, in an e-mailed statement.

    “Bitkub is no longer just a start-up and is now becoming a necessary part of the infrastructure critical for Thailand’s financial industry.”

    Bitkub’s investment “will help the SCB Group create new growth value in the long term amid a new financial world”, the bank’s chief executive Arthid Nanthawithaya said.

    It will also help the bank meet new consumer needs and enter a “new competitive arena that will emerge very quickly in the next three to five years”.

    Thailand saw turnover at locally licensed crypto exchanges peak at 217 billion baht in May, from 18 billion baht in November 2020, according to data from the Securities and Exchange Commission of Thailand. Turnover has since fallen and averaged about 100 billion baht a month in the August-to-October period.

    Bitkub, which was founded in 2018, had a profit of about 1.53 billion baht in the first nine months of 2021 from a revenue of 3.28 billion baht, SCB said.

    BANGKOK (BLOOMBERG) – Bitkub Online became Thailand’s latest start-up to notch up a valuation of more than US$1 billion (S$1.35 billion) after it sold a majority stake to the nation’s biggest bank by market value.

    Bitkub’s coin tripled in value after the deal was announced.

    Siam Commercial Bank (SCB), in which Thailand’s King is the largest shareholder, said late on Tuesday (Nov 2) that it will acquire 51 per cent of Bitkub for 17.85 billion baht (S$723 million), valuing the country’s biggest crypto exchange operator at about 35 billion baht.

    Bitkub’s coin surged by as much as 200 per cent to a record US$2.85 late on Tuesday from a low of 98 US cents earlier in the day, according to pricing from CoinGecko.

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