Fun

Thailand’s biggest crypto exchange goes on hiring spree ahead of IPO

News Feed - 2024-04-01 08:04:28

Helen Partz12 hours agoThailand’s biggest crypto exchange goes on hiring spree ahead of IPOBitkub targets to go public on the Stock Exchange of Thailand in 2025 and is planning to hire 1,000 employees by IPO launch.5929 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitkub Capital Group Holdings, the owner of Thailand’s largest cryptocurrency exchange, is hiring financial advisers to facilitate its planned initial public offering (IPO) listing.


Bitkub aims to go public on the Stock Exchange of Thailand (SET) in 2025, CEO Jirayut Srupsrisopa told Bloomberg on April 1. The upcoming public listing aims to raise new capital and boost Bitkub’s profile.


In addition to hiring advisers, Bitkub is now actively expanding staff despite cutting its headcount by 6% in 2022 and 2023.


Jirayut said that the Thai exchange is looking to add 1,000 employees by 2025, doubling the workforce from the current 2,000 people.


Bitkub initially announced plans to launch an IPO in Thailand in a 2023 shareholder letter without disclosing details.


Based in Bangkok, Bitkub is the largest crypto exchange in Thailand, accounting for 77% of the market share as of December 2023, according to data from HashKey. The exchange handles roughly $30 million in daily trading volumes.


Other major Thai crypto exchanges include Upbit — which launched in 2021 — along with Bitazza and Zipmex. However, Zipmex suspended trading activity in November 2023 following a crackdown from local regulators.Market share of top four Thai crypto exchanges as of 2022. Source: CoinGecko


Thailand has emerged as a major crypto player in recent years. It reportedly had more than 13 million crypto users as of 2023, accounting for roughly 18% of its total population, according to data from Statista. It is projected that this figure will reach 17.7 million users in 2028.


Amid growing adoption, cryptocurrency firms have been moving to grab market share from Bitkub in Thailand.


A major global rival, Binance, officially launched its local subsidiary in January 2024, and is planning to open to the public in 2024. 


Thailand’s Kasikornbank — one of the largest in the country — acquired a majority stake in the Satang crypto exchange in October 2023.


Related:Thailand approves personal income tax exemption for token earnings


The new details about Bitkub’s planned IPO come after the exchange sold a 9.2% stake in its crypto exchange unit — called Bitkub Online — to tech holding company Asphere Innovations in July 2023. At the time, the stake was worth 600 million baht, or $16.5 million.


According to Jirayut, Bitkub expects Bitkub Online’s valuation to rise as trading volumes on the platform near levels not seen since the last crypto bull market in 2021. Bitkub Online accounts for roughly 80% of Bitkub Capital’s earnings.


In 2022, SCB X, a financial firm that owns the nation’s largest bank by market value, canceled a 17.85 billion baht plan to acquire a 51% stake in Bitkub Online amid increased regulatory scrutiny.


Magazine:KuCoin’s desperate $10M airdrop, 1 tweet raises $37M for memecoin: Asia Express# Bitcoin# Thailand# Cryptocurrency Exchange# IPO# RegulationAdd reaction

News Feed

Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa
Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa Employing crypto in cross-border payments is one of the proposals put forward by the Russian
Martin Young2 hours agoWallet of Satoshi vanishes from Apple and Google’s US app storesApple is facing the wrath of crypto users yet again as a popular Bitcoin Lightning wallet disappeared from its U.S.-facing App Stor
Brazilian Securities Commission CVM Opens a Path for Funds to Invest in Crypto
Brazilian Securities Commission CVM Opens a Path for Funds to Invest in Crypto The Brazilian Securities Commission CVM has cleared the path for funds to dive into cryptocurrency-ba
Marcel Pechman3 hours agoBitcoin options data points to an interesting outcome after this week’s $1.9B expiryA flurry of macro and crypto-specific factors is expected to impact this week’s $1.9 billion Bitcoin option
Dogecoin Appears Poised For Explosive 10,000% Gain – Analyst
Este artículo también está disponible en español. Dogecoin (DOGE) has shown some upward mobility in the last day following a rather bearish trading week.  Based on data
15 Million Debit Cards Exposed as Iranian Banks Fall Victim to Cyber Warfare
15 Million Debit Cards Exposed as Iranian Banks Fall Victim to Cyber Warfare The private details of 15 million bank debit cards in Iran have been published on Telegram in the lar
Binance CEO Sees No Threat to Crypto From Central Bank Digital Currencies — Says CBDCs Will Validate Blockchain Concept
Binance CEO Sees No Threat to Crypto From Central Bank Digital Currencies — Says CBDCs Will Validate Blockchain Concept The CEO of cryptocurrency exchange Binance does not see ce
Decentralised Metaverse Socialfi Platform Boom Enables NFT Display in Its App
Decentralised Metaverse Socialfi Platform Boom Enables NFT Display in Its App sponsored While the latest news and information about cryptocurrency & NFT projects are better known th
Indonesian NFT 'selfie guy' makes $1.8M in memecoin comeback
Ezra Reguerra19 minutes agoIndonesian NFT "selfie guy" makes $1.8M in memecoin comebackAn Indonesian man who earned $1 million by selling nonfungible token selfies in OpenSea reappeared in the second iteration of his NFT
SEC seeks public input on Franklin Templeton, Hashdex Bitcoin ETFs
Derek Andersen8 hours agoSEC seeks public input on Franklin Templeton, Hashdex Bitcoin ETFsThe requests for public comment are standard for ETFs under review and have an open period of 35 days.6333 Total views36 Total sh
Metrics Reveal Cardano Whale Accumulation – Is ADA Poised For A Rally?
Este artículo también está disponible en español. Cardano (ADA) has faced a challenging period, experiencing a sharp 42% correction since early December, when it reached
NYSE gauges interest in 24/7 stock trading like crypto: Report
Brayden Lindrea8 hours agoNYSE gauges interest in 24/7 stock trading like crypto: ReportWhile cryptocurrencies can trade and settle all day and night, stock trading has traditionally followed office hours.2345 Total view