One of the largest banks in Thailand has invested in the leading crypto exchange in the country. Siam Commercial Bank has invested over half a billion dollars to acquire 51% of Bitkub exchange in a move that could see more mainstream crypto adoption in Thailand. Siam, the oldest bank in Thailand, invested in Bitkub through its holding company SCB X.
Siam commercial bank paid $537 million for its stake in Bitkub.
According to its announcement, the bank paid THB 17.85 million (US$537 million) for its stake in one of the few licensed exchanges in Thailand. Bitkub is the dominant exchange in the Thai market, and according to SCB’s announcement, it holds over 90% of the local digital asset market. For the nine months ending in September, it reportedly processed $30 billion in trading volume and made a net profit of $46 million. CoinMarketCap data shows that it processed $303 million in the past day. More and more major institutions are investing in crypto businesses around the world.
“Siam based its purchase on its assessment of the growth in the local digital asset space.”
Siam Commercial Bank’s CEO Arthit Nanthawittaya said that the bank based its purchase on assessing the growth in the local digital asset space over the past two years. The bank is considering ways in which it can help grow the industry, according to its CEO. Siam has recently rebranded as a fintech company with the ambitious goal of dominating the Southeast Asian market by 2025 and hitting 200 million customers. Bitkub could play a significant role in this expansion, giving Siam an entry into Web 3.0.