Siam Business Financial institution, one of many largest banks in Thailand, is buying a 51% stake in a cryptocurrency alternate. 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.
Main Thai Financial institution Changing into Majority Shareholder of Cryptocurrency Alternate
Thailand’s oldest lender, Siam Business Financial institution (SCB), introduced Tuesday that its subsidiary, Siam Business Securities Firm Ltd. (SCBS), is buying a 51% stake in native crypto alternate 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:
Up to now 1-2 years, the digital asset business, one of many monetary industries of the long run world, has grown quickly, and it might develop additional in the long run.
The deal is anticipated to be accomplished by the primary quarter of 2022, pending regulatory approval from related businesses, such because the Financial institution of Thailand (BOT) and the Thai Securities and Alternate Fee (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.
A number of different Thai banks and monetary establishments have made inroads into crypto property.
In August, the Financial institution of Ayudhya participated in a $41 million funding spherical in Thai-based crypto alternate Zipmex. One of many alternate’s buyers is Fb co-founder Eduardo Saverin’s enterprise capital agency, B Capital Group.
One other main financial institution in Thailand, Kasikornbank, rolled out a service for digital token choices earlier this 12 months. Some firms, similar to monetary consultancy agency Brooker Group, have made cryptocurrencies, like bitcoin, part of their funding methods.
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