Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange

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Major Thai Bank SCB Acquires 51% Stake successful  Cryptocurrency Exchange

Siam Commercial Bank, 1 of the largest banks successful Thailand, is acquiring a 51% involvement successful a cryptocurrency exchange. The acquisition volition assistance the slope “create caller maturation worth successful the agelong word amid a caller fiscal world,” said the CEO of the bank.

Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange

Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% involvement successful section crypto speech Bitkub for 17.85 cardinal baht ($536 million). SCB is the country’s fourth-largest lender by assets.

The acquisition volition assistance the SCB Group “create caller maturation worth successful the agelong word amid a caller fiscal world,” CEO Arthid Nanthawithaya said, adding:

In the past 1-2 years, the integer plus industry, 1 of the fiscal industries of the aboriginal world, has grown rapidly, and it could turn further successful the agelong term.

The woody is expected to beryllium completed by the archetypal 4th of 2022, pending regulatory support from applicable agencies, specified arsenic the Bank of Thailand (BOT) and the Thai Securities and Exchange Commission (SEC).

Bitkub laminitis and CEO Jirayut Srupsrisopa commented:

We needed to elevate Bitkub to the planetary level, truthful we turned to a beardown spouse similar SCB to assistance america execute our people faster and much sustainably.

Several different Thai banks and fiscal institutions person made inroads into crypto assets.

In August, the Bank of Ayudhya participated successful a $41 cardinal concern circular successful Thai-based crypto speech Zipmex. One of the exchange’s investors is Facebook co-founder Eduardo Saverin’s task superior firm, B Capital Group.

Another large slope successful Thailand, Kasikornbank, rolled retired a work for integer token offerings earlier this year. Some companies, specified arsenic fiscal consultancy steadfast Brooker Group, person made cryptocurrencies, similar bitcoin, a portion of their concern strategies.

What bash you deliberation astir a large Thai slope acquiring a 51% involvement successful a cryptocurrency exchange? Let america cognize successful the comments conception below.

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