Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange – Finance Bitcoin News

Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange

Siam Commercial Bank, one of many largest banks in Thailand, is buying a 51% stake in a cryptocurrency trade. The acquisition will assist the financial institution “create new development worth in the long run amid a brand new monetary world,” mentioned the CEO of the financial institution.

Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange

Thailand’s oldest lender, Siam Commercial Bank (SCB), introduced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is buying a 51% stake in native crypto trade Bitkub for 17.85 billion baht ($536 million). SCB is the nation’s fourth-largest lender by property.

The acquisition will assist the SCB Group “create new development worth in the long run amid a brand new monetary world,” CEO Arthid Nanthawithaya mentioned, including:

In the previous 1-2 years, the digital asset business, one of many monetary industries of the longer term world, has grown quickly, and it might develop additional in the long run.

The deal is predicted to be accomplished by the primary quarter of 2022, pending regulatory approval from related companies, such because the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission (SEC).

Bitkub founder and CEO Jirayut Srupsrisopa commented:

We wanted to raise Bitkub to the worldwide degree, so we turned to a robust associate like SCB to assist us obtain our goal sooner and extra sustainably.

Several different Thai banks and monetary establishments have made inroads into crypto property.

In August, the Bank of Ayudhya participated in a $41 million funding spherical in Thai-based crypto trade Zipmex. One of the trade’s buyers is Facebook co-founder Eduardo Saverin’s enterprise capital agency, B Capital Group.

Another main financial institution in Thailand, Kasikornbank, rolled out a service for digital token choices earlier this 12 months. Some corporations, akin to monetary consultancy agency Brooker Group, have made cryptocurrencies, like bitcoin, part of their funding methods.

What do you concentrate on a serious Thai financial institution buying a 51% stake in a cryptocurrency trade? Let us know in the feedback part under.

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