Thailand’s Bitkub is tenth largest crypto exchange
Bitkub, the crypto-currency exchange startup that is the Kingdom’s second unicorn, has risen to become the world’s tenth-largest virtual currency exchange in terms of average daily trading value, according to an industry website.
Coingecko, a website reporting on the digital currency industry, said that Bitkub’s success is being driven by a combination of partnerships with large and successful companies coupled with a “surge of value” for its own digital coin known as KUB Coin.
Those companies include Siam Commercial Bank, retailer The Mall Group, and the government’s Tourism Authority of Thailand (TAT).
The exchange’s trading value is now averaging about $830 million per day. The activity is propelled mainly by demand for three local coins on the exchange: KUB Coin, JFIN Coin and SIX Coin. The total trading value of those three virtual coins amounted to roughly 50 percent of the company’s total turnover.
Some sectors of Thai society, particularly younger investors, are caught up in the crypto-currency craze, as they seek new opportunities and types of investments outside the limited options traditionally available.
The Bank of Thailand, which regulates banks, the money supply and currencies, has taken a cautious approach to virtual money. It has provided a sandbox where major banks and others can experiment the new technology while keeping customers safe. And it is issuing its own digital currency for use between banks but not for the public.
The Central Bank has advised retail investors and customers to be wary of the risks and volatility of the crypto markets and currencies.
That volatility was on display last month with the three popular coins on the Bitkub exchange. KUB Coin rose 1,422 percent in value, JFIN Coin surged by 1,610 percent and SIX Coin soared 905 percent during November. But all fell back significantly in value by the end of the month.
Photo courtesy of: https://mobile.twitter.com/bitkubofficial