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26.11 - 12:49
Thai Bank SCB Acquires Local Crypto Exchange Bitkub for $536.7M
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blockchain.newsThailand’s oldest bank, Siam Commercial Bank Plc (SCB), announced on Tuesday, November 2, that it acquired a majority stake (51%) in local cryptocurrency exchange Bitkub for a deal worth 17.85 billion baht ($536.7 million).
Arthid Nanthawithaya, the CEO of Siam Commercial Bank, talked about the development and said that the bank bought the local digital asset exchange Bitkub due to the fact that businesses in the digital asset space have witnessed significant growth over the previous two years and the sector holds massive potential value in the long-term.
With the purchase, Siam bank signalled that it aims to strengthen and grow the digital asset ecosystem in Thailand.
Mr. Nanthawithaya mentioned that the acquisition will “help the SCBX
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