Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
The up and coming, Thailandās 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 nationās banking giant, Siam Commercial Bank Pcl bought majority stakes, amounting to 51 percent, for $535 million, in the company. Following the series of events, Bitkubās 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.
āBitkub has reached a milestone by becoming an important part of Thailandās digital economic infrastructureā¦Bitkub is no longer just a startup and is now becoming a necessary part of the infrastructure critical for Thailandās financial industry.ā 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 Asiaās 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. Thailandās 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 bankās CEO noted that Bitkubās investment āwill help the SCB Group create new growth value in the long term amid a new financial world,ā According to him, their crypto investment is aimed at meeting its younger consumersā requirements, while also setting foot in the ānew competitive arena that will emerge very quickly in the next three to five years.ā
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, āC-Coinā, which is to be used in place of fiat to make payments at eating outlets, and stores of Centralās partners to purchase products and services.
The post Thailand based crypto exchange achieves Unicorn status after Banking Giant buys 51% stake appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.