Until recently, it was unheard of for banks to embrace cryptocurrencies like Bitcoin, let alone buy an entire exchange for trading digital assets. Thailand’s Siam Commercial Bank (SBC), though, has done exactly that. Earlier this month, the country’s oldest bank announced announced SCB SCBx Group moves its mothership strategy forward by announcing SCBS’ acquisition of Bitkub to partner in laying the groundwork for digital asset business Read more that it would buy 51% of Bitkub, a cryptocurrency exchange, for just over half a billion US dollars—or 17.85 billion Thai Baht to be precise.
Siam Commercial Bank throws Thai crypto door open with US$500M Bitkub deal
Thailand’s biggest corporations are diving into the emerging world of digital assets led by SCB, the country’s oldest bank, which is buying a three-year-old cryptocurrency exchange for over US$500 million. The acquisition could start a roll of dominos falling
SCB is taking a major stake in Bitkub in what is the most significant crypto acquisition from a bank anywhere in the world
Bitkub has run into problems with the SEC, getting SCB on its side might smooth relations and take it to its goal of an IPO
Fellow Thai banks have invested in crypto projects, but SCB’s purchase could trigger others to follow suit and jump fully in
Other Thai corporations are also looking at crypto, but a price collapse and tight regulations could put them off