Commercial Bank of Thailand, Siam, is ready to give exposure to the crypto services through digital assets based services with the acquisition of Bitkub.
Siam Commercial Bank is the first-ever commercial bank of Thailand. In the past few months, SCB grabbed huge attention in the crypto industry because of their huge support for the DeFi industry and projects, where SCB heads said that restriction on the DeFi industry is not easy, while it can be regulated at some points and Defi has a bright future.
To integrate the Siam Bank’ services in the crypto, Siam Bank’ bought 51% stakes in the Bitkub, Thailand’s most popular licensed crypto exchange. As a part of a 51% acquisition with $537 million, SCB will use Bitkub exchange as a launchpad.
Announced that closure of this deal will take place in Q1 2022. But the announcement confirmed that all things are now set perfectly.
After this announcement, SCB became the first-ever commercial bank of Thailand, which owns stakes in crypto exchanges. But here one thing is important to note, this deal will go under the regulatory authorities to get approval.
SCB initiative to push crypto adoption
The initiative of SCB with the Bitkub will bring high-level crypto adoption in Thailand. Because Siam Bank will create a better & favourable ecosystem for the revolution of the crypto industry.
Arthit Nanthawittaya, CEO of SCB, elaborated on this acquisition of the Bitkub and said
“This is in line with the SCBX parent vehicle strategy to upgrade to a financial technology group. (We) can meet the new needs of consumers and (be) able to enter a new competitive field that is coming up very quickly in the next 3-5 years”