Thailand’s oldest bank, Siam Commercial Bank (SCB), has acquired a majority stake in one of the few licensed crypto exchanges in the country, Bitkub, the exchange said in a blog post on 2 November.
According to the announcement, SCB was able to acquire 51% of the total shares in Bitkub for the price of 17.85 billion baht (around $536 million), giving the bank the controlling stake in the exchange. The deal is yet to be finalized as it is pending regulatory approval, but the exchange expects to complete the transaction by the first quarter of 2022. The founder and CEO of Bitkub, Jirayut Supsrisosopha, said in a statement:
“Bitkub has reached the point where we have become an important structure of Thailand’s future economy. Also known as the Digital Economy,…
