SCB acquires majority stake in Thai crypto exchange Bitkub for 17.9B baht

Siam Commercial Bank announced last night it had struck a deal to obtain a majority of shares in cryptocurrency exchange platform Bitkub for THB17.85 billion (US$535 million).

The latest in a string of digital asset moves by Thai financial institutions, the deal would give SCB a 51% stake in the crypto startup which, since its 2018 launch, now says its market capitalization is worth THB35 billion.

“The most important thing is that Bitkub and SCBx share a common goal and vision with regard to the importance of digital assets for the country and the Thai people in the long-term,” Bitkub CEO Jirayuth Srupsrisopa said in a statement. 

If approved by the central bank and SEC, the deal would be completed by March.

It’s a reversal of fortune for Bitkub, which just earlier this year was beset with technical problems that led the SEC to order it to stop…