The deal is designed to bring the bank to the leaders of the competition

​The Bank of Thailand has bought a stake in the Bitkub cryptocurrency exchange

05.11.2021 - 10:45

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1 min

What's new? The official website of the Bitkub cryptocurrency exchange has published news about the purchase of a 51% stake in the exchange by Thailand's oldest bank, Siam Commercial Bank.

News source on the exchange's website

What is known about the deal? The total amount of investments exceeded $535 million, with this amount the bank bought 51% of the exchange’s shares. However, the final confirmation of the transaction will take place only in 2022, since the transaction is supposed to be approved by Thai regulators.

According to the head of the bank, Arthid Nanthawithaya, the business of digital assets will be the backbone of the financial world of the future. The new acquisition will allow the institution to enter a new competitive field.

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