Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange
Siam Commercial Bank, one of the largest banks in Thailand, is acquiring a 51% stake in a cryptocurrency exchange. The acquisition will help the bank “create new growth value in the long term amid a new financial world,” said the CEO of the bank. Major Thai Bank Becoming Majority Shareholder of Cryptocurrency Exchange Thailand’s oldest lender, Siam Commercial Bank (SCB), announced Tuesday that its subsidiary, Siam Commercial Securities Company Ltd. (SCBS), is acquiring a 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($536 million). SCB is the....
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Thailand’s Kasikorn Bank (K-Bank) has made a significant move to strengthen its position in the digital asset space. According to recent reports, the bank acquired a 97 percent stake in Satang, a local cryptocurrency exchange. The deal, valued at 3.705 billion Thai baht ($102.8 million), marks K-Bank’s strategic entry into the rapidly growing Thai digital […]
One of Malaysia’s top investment banks has bought a 19% stake in a local crypto exchange via its private equity arm. The Kenanga Investment Bank announced its inception into the crypto business by investing in Tokenize Xchange. Tokenize Xchange Is One of the Three Malaysian Licensed Crypto Exchanges Per the official announcement, the bank made the transaction through Kenanga Private Equity Sdn Bhd via a conditional agreement to purchase 19% equity interest in the trading platform. Hong Qi Yu, chief executive officer of Tokenize Xchange, founded the firm in 2018. Since its launch in....
A Thai bitcoin exchange has suspended trading alleging that the Bank of Thailand has declared the cryptocurrency illegal, throwing the community into heated debate. Bitcoin Co Ltd, a Thai exchange, posted a note on its website saying that the Bank of Thailand held a conference earlier today to discuss the exchange's business operations. "At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following....
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The Bangkok Post today carries disturbing news out of Thailand: Deposit flight hits state-run bank. Panicked by rumours of rice scheme lending, GSB customers are pulling out their money in droves. The Government Savings Bank (GSB) is a bank under the management of the Thai government since 1929, when it was known as the Savings Office. It has 930 branches across Thailand. Customers outside Thailand's GSB. Bank Run in Progress. Accoding to the bank's president, GSB customers have withdrawn 30 billion Baht (around 1612903 BTC or 1 billion USD) in a single day. These mass withdrawals are due....
On Tuesday, Deutsche Börse Group, marketplace manager for the trading of shares and other securities, explained the company has acquired a major stake in Crypto Finance AG. The move adds to Deutsche Börse’s extension into the cryptocurrency industry in order to provide custody solutions and a “direct entry point for investments.” Deutsche Börse Group to Expand Further Into Digital Currency Ecosystem Deutsche Börse Group’s latest announcement explains that the company wants to build a trusted and regulated cryptocurrency ecosystem in....