Fun

Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange

News Feed - 2021-11-03 08:11:46

Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange


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. Derivatives Exchange Giant CME Group Announces Micro Ethereum Futures Launch FINANCE | 1 day ago Web3 Infrastructure Provider Alchemy Raises $250 Million in Funding Round Led by a16z FINANCE | 4 days ago Tags in this story bank of thailand, bitkub, scb, scb bitcoin, scb bitkub, scb cryptocurrency, siam commercial bank, thai bank, thailand


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Tom Mitchelhill8 hours agoBlock posts 34% increase in Bitcoin revenue in Q2 but shares stumbleBitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7% from this time last yea
Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion, Jumping 48% in 30 Days
Total Value Locked in Cross-Chain Defi Bridges Exceeds $22 Billion, Jumping 48% in 30 Days On October 29, the total value locked (TVL) in decentralized finance (defi) protocols is
Report: China Will Become a Metaverse Tech Leader During 2023
Report: China Will Become a Metaverse Tech Leader During 2023 A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leadin
SEC Chair Gensler: Crypto Exchanges Are Trading Against Their Customers Often
SEC Chair Gensler: Crypto Exchanges Are Trading Against Their Customers Often The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says cryptocurrency e
Gareth Jenkinson14 hours agoHealthy competition welcome — Polygon zkEVM leadProminent Ethereum development firms have rolled out varying zero-knowledge scaling solutions that drive healthy competition in the ecosystem.
Leading Auction House Sotheby’s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million
Leading Auction House Sotheby"s Auctions 107 Bored Ape Yacht Club NFTs for $24 Million The British-founded American multinational corporation headquartered in New York City, Sotheb
Study: US Financial Advisors Expect Proportion of Crypto Holding Clients to Increase by 60%
Study: US Financial Advisors Expect Proportion of Crypto Holding Clients to Increase by 60% According to the findings of a new survey, the number of financial advisors currently co
SBF family linked to $100M FTX scandal, legal trouble looms
Josh O"Sullivan12 hours agoSBF family linked to $100M FTX scandal, legal trouble loomsAccording to emails seen by the WSJ, Sam Bankman-Fried’s family allegedly funneled millions from FTX to political causes, raising si
Alice Ivey11 hours agoWhat is Twitter’s rate limit, and can you bypass it?Twitter’s rate limit helps maintain system stability and prevent abuse. Bypassing the rate limit is not possible and can result in temporary r
Apple Co-Founder Steve Wozniak Warns Governments Will Never Allow Crypto to Be Out of Their Control
Apple Co-Founder Steve Wozniak Warns Governments Will Never Allow Crypto to Be Out of Their Control Apple co-founder Steve Wozniak sees bitcoin as mathematical purity, praising its
New Telegram mini-apps will be so convenient users won’t know it’s crypto
Derek Andersen5 hours agoNew Telegram mini-apps will be so convenient users won’t know it’s cryptoTON Foundation’s Justin Hyun tells Cointelegraph about the benefits of Tether’s launch on the TON chain.4672 Total
Pakistanis Own $20 Billion in Crypto, Report Reveals
Pakistanis Own $20 Billion in Crypto, Report Reveals In the absence of regulations, people in Pakistan have invested a serious amount of money in digital assets. New research claim