SCBx Group, the holding company of Siam Commercial Bank (SCB), announced that it has acquired a 51% stake in Thailand’s digital asset exchange Bitkub for approximately 17.85 billion baht (US$535.9 million), in a push into the digital assets business.
This pushed Bitkub’s valuation to US$1 billion, making it one of Thailand’s first crypto unicorn.
Under the deal, SCB Securities (SCBS), an investment broker which is a subsidiary of SCB, will become Bitkub’s major shareholder and will be responsible for driving and engaging closely with the company.
The deal is expected to be completed by the first quarter of 2022 and is subject to approvals from relevant regulatory authorities.
Apart from the investment, SCBx Group plans to work closely with Bitkub to develop its digital asset businesses through new business models to create long-term added value.
Arthid Nanthawithaya, CEO and Chairman of the Executive Committee of SCBx said,
“SCBx Group’s investment in Bitkub, well-known as Thailand’s reliable digital asset trading platform with a record of outstanding growth, will help the SCBx Group create new growth value in the long term amid a new financial world.
The move is in line with SCBx Group’s strategy to upgrade to a financial technology group, meeting new consumer needs and entering a new competitive arena that will emerge very quickly in the next three to five years.”
Jirayut Srupsrisopa, Group CEO and Founder of Bitkub added,
“For this collaboration, the “SCBx Group” represented by SCBS, will acquire 51% (17.85 billion baht) of Bitkub shares from Bitkub Capital Group Holdings Co., Ltd. whose total market capitalization is worth 35 billion baht in total, marking another Thai “unicorn” that will bring great pride to the Thai people.”
Featured image: (From left to right) Jirayut Srupsrisopa, Group CEO and Founder of Bitkub and Arthid Nanthawithaya, CEO and Chairman of the Executive Committee of SCBx