Bitkub Online Co. has become Thailand’s newest venture, valuing more than $1 billion after selling a majority stake to the country’s largest bank by market capitalization. After the deal was announced, the value of altcoin project Bitkub Coin (KUB) tripled. For details cryptocoin.com keep reading.
Altcoin price soars as king’s bank invests
Siam Commercial Bank PCl, of which the Thai king is the largest shareholder, said late Tuesday that it will buy 51% of Bitkub for 17.85 billion baht ($535 million), valuing the country’s largest crypto exchange operator at around 35 billion baht.
Bitkub Coin hit $2.85 on Tuesday, up as much as 200% late Tuesday, from a low of 98 cents earlier in the day in Asia, according to CoinGecko’s pricing. Meanwhile, Siam Commercial shares rose as much as 3.5% to a six-week high.
Demand for risky assets like cryptocurrencies and stock products has exploded in Southeast Asia’s second-largest economy as young investors seek better returns on their savings amid low interest rates and the economic slowdown. Siam Commerciali opted to expand on digital assets despite policymakers and regulators warning investors about the risks of crypto assets. Jirayut Srupsrisopa, 31-year-old CEO and founder of Bitkub Capital Group Holdings Co., which operates Bitkub, issued the following statement via email:
Bitkub has reached a milestone by becoming an important part of Thailand’s digital economic infrastructure. Bitkub is no longer just a startup and is becoming a necessary part of critical infrastructure for Thailand’s financial sector.
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