In a major development for the Thai crypto industry, Siam Commercial Bank (SCB), the second-largest bank in the country, has announced that it is acquiring a 97% stake in Bitkub, a leading local Bitcoin and crypto exchange. The deal, which is subject to regulatory approval, is expected to close by the end of the year.
SCB is one of the oldest and most prestigious banks in Thailand, with a history dating back to 1906. It has over 1,000 branches and 16 million customers nationwide. It also has a strong presence in the Southeast Asian region, with operations in Cambodia, Laos, Myanmar and Vietnam.
Bitkub is the largest crypto exchange in Thailand by trading volume and user base. It was founded in 2018 and offers over 30 digital assets, including Bitcoin, Ethereum, Binance Coin, Cardano and Dogecoin. It also provides crypto-related services such as lending, staking, wallet and education. Bitkub has over 1.8 million registered users and handles over $2 billion in monthly transactions.
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The acquisition will enable SCB to tap into the fast-growing crypto market and offer its customers a seamless and secure way to access digital assets. SCB plans to integrate Bitkub’s platform with its own digital banking services, such as SCB Easy, SCB Wealth and SCB 10X. The bank also aims to leverage Bitkub’s expertise and technology to develop innovative crypto products and solutions for the Thai market and beyond.
According to SCB’s president and CEO, Arthid Nanthawithaya, the acquisition is part of the bank’s vision to become a leader in digital banking and innovation. He said:
“We are delighted to partner with Bitkub, the leading crypto exchange in Thailand. This strategic investment will allow us to offer our customers a comprehensive range of digital asset services that meet their needs and expectations. We believe that crypto assets will play an increasingly important role in the future of finance, and we are committed to supporting the development of this industry in Thailand and the region.”
Bitkub’s founder and CEO, Jirayut Srupsrisopa, also expressed his excitement about the deal. He said:
“We are honored to join forces with SCB, one of the most respected and trusted banks in Thailand. This partnership will bring tremendous value to our users and the crypto community as a whole. We share the same vision of empowering people with digital assets and creating a more inclusive and accessible financial system. Together, we will be able to offer more innovative and convenient crypto services to millions of people across Thailand and beyond.”
This acquisition is not only a milestone for SCB and Bitkub, but also a sign of the growing acceptance and adoption of crypto assets in Thailand. The country has been one of the most progressive and supportive jurisdictions for crypto regulation and innovation in the region. It has established a clear and comprehensive legal framework for crypto businesses and investors, as well as a supportive ecosystem of regulators, banks, startups and educational institutions.
According to a recent report by Chainalysis, Thailand ranked 10th in the world in terms of crypto adoption, with over 6.5 million crypto users and over $4 billion in annual crypto transactions. The report also highlighted that Thailand has one of the highest rates of women crypto users in the world, at 44%. Moreover, Thailand has seen a surge in institutional and corporate interest in crypto, with several publicly listed companies investing in Bitcoin and other digital assets.
The future of crypto in Thailand looks bright and promising, as more people and businesses embrace the benefits and opportunities of this new asset class. SCB’s acquisition of Bitkub is a testament to this trend and a catalyst for further growth and innovation.