Bitkub Online Co has grabbed the position of the most successful startup in Thailand. The company has seized an investment of $1 billion by the largest bank in the nation to enhance its market value. Soon after the bank announced the stakes in the company, the Bitkub coin rose thrice of its value.
The bank known as Siam Commercial Bank Pcl has the country’s king as its leading shareholder. On Tuesday, the bank made an announcement stating that it will purchase 51% stakes in the crypto exchange company. In local currency, the valuation is at 17.85 billion Baht, which is $535 million. It further valued Bitkub at 35 billion baht.
The Milestone of Bitkub
By joining the largest bank in Thailand, the company has achieved nothing less than a milestone in its journey. It has met hands with the digital infrastructure of the economy as suggested by the CEO of the company. The statement from Bitkub came through an email. The company can no longer be identified as a mere startup, although, it has become an integral part of Thailand’s finance sector.
The CEO of the bank made a statement and said that the bank’s investment in Bitkub is intended to offer support to SCB to suffice the generation of novel growth value for the long term in the modern financial economy. This will enable the bank to identify and suffice the new needs of their consumers. Moreover, they aim to become part of a novel competitive environment awaiting expertise in the coming three or five years.
Thailand & Cryptocurrency Market
The turnover of local crypto exchanges in Thailand accounted for 217 billion during May 2020 and a further 18 billion baht around November 2020. Approximately, the fall accounted for 100 billion baht between August and October.
Bitkub, despite these ups and downs, maintained a stable streak. In the initial 9 months of 2021, the company acquired profits of 1.53 billion baht. The trading turnover of the company accounted for 1.03 trillion baht between the periods of January and September accounting for 92% of the overall turnover among Thailand’s crypto exchanges.
