Crypto exchange Bitkub enters unicorn club after SCB acquisition

Siam Commercial Bank (SCB) has announced that it will acquire cryptocurrency exchange Bitkub through its subsidiary SCB Securities.

The Thai bank will get 51% of Bitkub’s shares in a deal worth 17.85 billion baht (around US$536 million), boosting the crypto firm’s valuation to more than US$1 billion.

Bitkub founder Jirayut Srupsrisopa (left) and SCB CEO Arthid Nanthawithaya / Image credit: SCB

Founded by Jirayut Srupsrisopa in 2018, Bitkub allows users to buy, sell, and store cryptocurrency assets. In early 2019, the company obtained a license to operate in Thailand from the country’s Ministry of Finance.

SCB said it plans to work together with Bitkub to develop new business models for digital assets to mark the latter’s entry into the traditional financial system.

The deal is expected to be completed by the first quarter of 2022, pending regulatory approval.

SCB is not the first bank to enter Thailand’s cryptocurrency space. In August, Krungsri Finnovate – the venture capital arm of Bank of Ayudhya – joined the US$41 million series B round of Zipmex, a Singapore-based crypto exchange that also operates in Thailand.