Thailand based crypto exchange achieves Unicorn status after Banking Giant buys 51% stake

Thailand based crypto exchange achieves Unicorn status after Banking Giant buys 51% stake

The up and coming, Thailand’s crypto exchange, Bitkub Online Co. has exceeded the $1 billion valuation mark in a short timeframe and has entered the Unicorn race. This became possible after the nation’s banking giant, Siam Commercial Bank Pcl bought majority stakes, amounting to 51 percent, for $535 million, in the company. Following the series of events, Bitkub’s token shot through the roof, reaching $2.85 from merely 98 cents, recording the exceptional hike of approximately 200 percent, according to the pricing from CoinGecko. Furthermore, Siam Commercial shares also increased by 3.5 percent, touching its six-week high.

“Bitkub has reached a milestone by becoming an important part of Thailand’s digital economic infrastructure…Bitkub is no longer just a startup and is now becoming a necessary part of the infrastructure critical for Thailand’s financial industry.” Jirayut Srupsrisopa, chief executive officer and a founder of Bitkub Capital Group Holdings Co., which operates Bitkub, told Bloomberg.

Siam Commercial along with others in Thailand incorporate crypto

Amid the rising demand for crypto assets, in Southeast Asia’s second-largest economy, the market has also seen a hike in the number of young investor portfolios gravitating towards crypto, seeking high returns with low-interest rates, to further battle the upcoming economic slowdown. Thailand’s banking giant has also realized the potential returns from the decentralized industry, therefore, the institution has chosen crypto adoption despite regulatory warnings highlighting volatility and other risks.

Arthid Nanthawithaya, the bank’s CEO noted that Bitkub’s investment “will help the SCB Group create new growth value in the long term amid a new financial world,” According to him, their crypto investment is aimed at meeting its younger consumers’ requirements, while also setting foot in the “new competitive arena that will emerge very quickly in the next three to five years.”

Thailand institutions and businesses become crypto positive, with more entities joining the decentralized sphere with each passing day. Last month, the retail giant of Thailand, Central Retail Corp., announced the pilot for its private crypto-token, ‘C-Coin’, which is to be used in place of fiat to make payments at eating outlets, and stores of Central’s partners to purchase products and services.

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