SCBX to speed up digital ecosystem with Bt17.85 billion investment in Bitkub Online

 

In a strategic move towards creating long term vision in future digital assets ecosystem, SCB Securities under SCBX Group will acquire 51% in Bitkub Online, Thailand’s leading licensed Digital Asset Exchange Platform provider, with an investment of Baht 17.85 billion.

 

The deal is expected to be completed by the first quarter of 2022.

 

Arthid Nanthawithaya, CEO of SCBX Group, said this strategic investment with Bitkub Online will create synergies and drive its group’s businesses to become a top-tier financial technology group of companies.   The substantial growth in digital assets eg cryptocurrencies and tokenization, in both international and Thai markets in the past few years has proven the advent of the Decentralised Finance (DeFi) business model.

 

Arthid foresees that the Future of Finance will create a new chapter of financial technology development and innovation within the next 3-5 years.  In response to fast changing environment and consumers’ new demand, this partnership will further enhance new digital assets and also  cater to new consumer demand.

 

Topp Jirayut Srupsrisopa, CEO of Bitkub Group, shared his vision that this strategic partnership with SCBX Group over the development of digital asset ecosystem is crucial for the Thai economy leading the ways to Southeast Asia’s regional financial and technology hub.  

 

According to Jirayut, Thailand is entering the Finance 3.0 era of Digital Economy using blockchain technology as backbone infrastructure.   He believes Bitkub in partnership with strong SCBX Group entities will bring synergies and reach the world-class level in sustainable growth and become Thailand’s National Champion.

 

The Baht 17.85 billion deal makes Bitkub Thailand’s latest Unicorn with estimated valuation of Baht 35 billion.  The agreement between SCB Securities (as buyer) and Bitkub Capital Group Holdings (as seller) will be governed by the guidelines of Bank of Thailand and the Securities Exchange Commission, subject to satisfactory due diligence.   

 

Based on the first 9 months 2021 financial reports, Bitkub recorded Baht 1 trillion trade volumes or 92 per cent market share of total Digital Asset Exchange volumes.  Bitkub showed unaudited revenues of Baht 3.279 billion and net profit of Baht 1.533 billion.