Siam Commercial Bank Plc. is buying 51 percent of digital-asset exchange Bitkub for 17.85 billion baht.
SCB CEO Arthid Nanthawithaya said in a statement that the acquisition will “help the SCBX Group create new growth value in the long term amid a new financial world,”
The deal is expected to be finalized by March 30, pending regulatory approval.
Jirayut Srupsrisopa, founder and CEO of Thailand’s leading cryptocurrency platform, said Bitkub needed to be “elevated to the global level”, so the company ironically turned to the oldest financial institution in the country.
SCB, Thailand’s fourth-largest lender by assets, plans to restructure and pivot toward new business and financial technologies so as not to lag competitors also making inroads into digital assets.
In August, Bank of Ayudhya Plc. participated in a $41 million investment round in crypto exchange Zipmex. Kasikornbank Plc. earlier this year rolled out its own service for digital token offerings. Other companies like financial consultant, the Brooker Group Plc. have made cryptocurrencies like Bitcoin a part of their investment strategy.