Today Siam Commercial Bank (SCB), Thailand’s second largest bank, announced its Securities subsidiary will acquire 51% of cryptocurrency exchange Bitkub for Thai Baht 17,850 million ($537 million), subject to regulatory approvals.
Bitkub is locally regulated by Thailand’s Securities and Exchange Commission (SEC) and has a dominant market share of 92%, according to SCB. For the nine months to the end of September, the digital assets exchange had trading volumes of one trillion Thai Baht ($30 billion), revenues of THB 3,279 million ($99 million) and net profit of THB 1,533 million ($46 million).
The transaction is expected to complete in the first quarter of 2022.
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