Connect with us

Crypto development

Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange

Published

on

Kevin Helms

Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank.

Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange

Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($536 million). SCB is the country’s fourth-largest lender by assets.

The acquisition will help the SCB Group “create new growth value in the long term amid a new financial world,” CEO Arthid Nanthawithaya said, adding:

In the past 1-2 years, the digital asset industry, one of the financial industries of the future world, has grown rapidly, and it could grow further in the long term.

The deal is expected to be completed by the first quarter of 2022, pending regulatory approval from relevant agencies, such as the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission (SEC).

Bitkub founder and CEO Jirayut Srupsrisopa commented:

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.

Several other Thai banks and financial institutions have made inroads into crypto assets.

In August, the Bank of Ayudhya participated in a $41 million investment round in Thai-based crypto exchange Zipmex. One of the exchange’s investors is Facebook co-founder Eduardo Saverin’s venture capital firm, B Capital Group.

Another major bank in Thailand, Kasikornbank, rolled out a service for digital token offerings earlier this year. Some companies, such as financial consultancy firm Brooker Group, have made cryptocurrencies, like bitcoin, a part of their investment strategies.

What do you think about a major Thai bank acquiring a 51% stake in a cryptocurrency exchange? Let us know in the comments section below.

Continue Reading

Latest

Companies

Public Companies Hold A Combined $11.8 Billion Worth Of BTC On Their Balance Sheet – See The Leading Firms

Crypto Mining3 weeks ago

Aliyu Pokima Publicly traded companies went all-in on Bitcoin in 2021 led by Michael Saylor’s MicroStrategy.Other firms on the list...

Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized

Crypto Mining3 weeks ago

Kevin Helms The Securities and Exchange Board of India (SEBI) has reportedly asked mutual fund companies not to get involved...

XRP Creator Chris Larsen Proposes Strategy To Incentivize Bitcoin Miners To Move Away From Proof-of-Work

Crypto Mining1 month ago

Brenda Ngari XRP inventor and Ripple executive chairman Chris Larsen has unveiled a plan to entice miners of the flagship...

Iceland Refuses to Power New Bitcoin Farms Amid Electricity Shortages

Crypto Mining1 month ago

Lubomir Tassev Cryptocurrency mining is among several energy-intensive industries hurt by a power deficit in Iceland. The country’s main utility...

Public Bitcoin Miners Are Increasing Their BTC Treasuries

Crypto Mining2 months ago

Dylan LeClair And Sam Rule Publicly-traded bitcoin mining firms have been accumulating and holding bitcoin at an increasing rate.The below...

NASDAQ-Listed HIVE Blockchain to Expand Data Center in New Brunswick, Canada With 40 Megawatts Capacity

Crypto Mining3 months ago

Bitcoin.com PR HIVE Blockchain is set to expand its data center campus in New Brunswick, Canada with 40 megawatts capacity....

%d bloggers like this: