The oldest and third-largest bank in Thailand, Siam Commercial Bank (SCB) invested about 17.85 billion Thai baht (~$536 million) in the cryptocurrency exchange Bitkub by acquiring 51% of its shares.
The deal is expected to close in the first quarter of 2022, subject to regulatory approvals.
CEO of SCB, Artit Nantavitaya, stressed that over the past two years the digital-asset-related business has grown rapidly, becoming one of the foundations of the financial world of the future.
According to him, the acquisition will help the bank enter a new competitive arena that will take shape over the next three to five years.
The founder and CEO of Bitkub, Jirayut Srupsrisopa, said the exchange had outgrown the startup phase and it was time to go global.
“We need a strong partner to help achieve faster and more sustainable growth. That is why we are partnering with SCB,” he emphasized.
As a reminder, SCB is a partner of fintech company Ripple. The bank uses the RippleNet payment network for transfers between South Korea and Thailand, in collaboration with GME Remittance.
In February, SCB set up a fund of $50 million to invest in startups aimed at “the next generation of financial services and digital systems.”
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