Thailand’s oldest bank buys 51% stake in Bitkub exchange

One of the largest banks in Thailand has invested in the leading digital currency exchange in the country. Siam Commercial Bank has invested over half a billion dollars to acquire 51% of Bitkub exchange in a move that could see more mainstream adoption in Thailand.

Siam, the oldest bank in Thailand, invested in Bitkub through its holding company SCB X. According to its announcement, it paid THB 17.85 million (US$537 million) for its stake in one of the few licensed exchanges in Thailand. 

Bitkub is the dominant exchange in the Thai market, and according to SCB’s announcement, it holds over 90% of the local digital asset market. For the nine months ending in September, it reportedly processed $30 billion in trading volume and made a net profit of $46 million. CoinMarketCap data shows that it processed $303 million in the past day.

Siam based its purchase on its assessment of the…