Bitkub becomes Thailand’s second unicorn

 

Bitkub, a crypto currency exchange, has become the latest Thai startup to become a unicorn after Siam Commercial Bank bought a majority stake in the young company to push its valuation over $1 billion.

“Bitkub has reached a milestone by becoming an important part of Thailand’s digital economic infrastructure,” said Jirayut Srupsrisopa, 31-year-old CEO and a founder of Bitkub Capital Group Holdings. “Bitkub is no longer just a startup and is now becoming a necessary part of the infrastructure critical for Thailand’s financial industry.”

Siam Commercial Bank said that Bitkub had about 92 percent of the total trading turnover among all licensed crypto exchange operators in Thailand with turnover of about $30 billion.

The company founded in 2018 had a profit of about $45 million in the first nine months of 2021 from revenue of $98.4 million.

Bloomberg News reported that demand for assets such as crypto currencies and equities “has boomed in Southeast Asia’s second-largest economy as young investors seek better returns from their savings amid low interest rates and an economic slowdown,” caused by the pandemic.

Thailand has a vibrant startup scene but only recently have any of its new firms reached unicorn status. A unicorn is a startup that achieves a valuation of $1 billion.

The digital coin produced by Bitkub nearly tripled in value after the share purchase was announced.

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