51% Stake in Bitkub Cryptocurrency by a 114 Years Old Thailand Bank

We have witnessed the rug pull scam in Squid Game Coin (on 2nd November 2021), where a large group of investors has lost their hard-earned money in a few minutes. As this news was the main topic of the debate that whether we should invest in cryptocurrency or not? A positive development happened parallel to it, in which Thailand's oldest bank (144 years old), Siam Commercial Bank Plc (SCBX), has acquired a 51% stake in Bitkub for 17.85 billion baht.

Siam Commercial Bank (SCB) Logo

Worldwide businesses are recognizing the essence of cryptocurrencies. For an instance, ProShares company has entered into the Bitcoin ETFs segment (name: BITCOIN STRATEGY ETF) on 18th October 2021. When giant players draw a roadmap towards the unregulated segment, people start following them, and investments start to pour in.

Aim of Investing in Bitkub by SCB Bank

Siam Commercial Bank (SCB) has stated in its official statement that it has entered into the cryptocurrency segment to achieve long-term growth and strengthen the digital asset biosphere by acquiring a 51% stake in Bitkub. The SCB Bank and Bitkub deal are worth 17.85 billion baht in total.

Bitkub Official Logo

Under this deal, Siam Commercial Bank will become a major shareholder in BitKub, and it will drive the company’s future business decisions.

Start-up Turned into Unicorn

The market capitalization of Bitkub Capital Group Holdings Co., Ltd has increased to 35 billion baht in total after the SCB & Bitkub deal. Furthermore, the start-up has claimed the spot of Unicorn in Thailand.

Deal Relevancy to Thailand’s Economic Growth

Unfortunately, the Bank of Thailand has downgraded the economic growth of Thailand due to the detrimental effects of COVID-19. Earlier the Bank of Thailand stated that the country’s economy will increase by 3.2%, however, the present predicaments in Thailand tells another story. Now, the trajectory of expected growth in the economy is bound to be only 3%.

Bitkub Capital Group Holdings Co., Ltd. Group CEO and Founder Jirayut Srupsrisopa sound optimistic about this deal as the status of Bitkub will be changed to Unicorn and a necessary part of the infrastructure critical for Thailand’s financial industry 3.0.

Conclusion

Nowadays, we can witness that large corporations are inclined towards cryptocurrency. One of the instances is ProShares and the second one is Siam Commercial Bank-Bitkub Deal, which assists in building trust among crypto investors.

It is always suggested that you should put your money in certified cryptocurrency and refrain from investing in newly incorporated cryptocurrency.

Siam Commercial Bank-Bitkub Deal will motivate people to invest in cryptocurrencies and earn a viable rate of return.