Bitkub, a flourishing FinTech entity in Thailand’s cryptocurrency exchange landscape, was established by Jirayut Srupsrisopa in 2018. The company has successfully carved a space for itself as a platform enabling users to buy, sell, and store their cryptocurrency assets.
The recent regulatory filings indicate that Bitkub has agreed to offload a 9.22% stake of the company for a whopping $17.8m to Asphere Innovations, a local game publisher, according to a report from Tech in Asia.
This capital injection is set to further fortify Bitkub’s financial stability, allowing it to continue its operations in an often turbulent market.
At its core, Bitkub provides a user-friendly platform for crypto enthusiasts to transact digital assets. This Thai-based FinTech company has managed to secure a license from Thailand’s Ministry of Finance back in 2019, which further bolsters its credibility in the crypto market.
The freshly acquired capital of $17.8m is expected to help Bitkub in expanding its digital asset services throughout Thailand. With over 6.2m people owning crypto in the country, as of last year, Bitkub stands to gain significantly from this digital asset boom.
In other developments, Bitkub came under scrutiny after a proposed acquisition by Thai bank SCBX was called off due to regulatory issues. The due diligence exercise unearthed various issues that required rectification by Bitkub’s management, and additional problems ordered to be resolved by the country’s Securities and Exchange Commission.
In 2022, Bitkub reported revenue of $80m, which marked a 48% decrease from the previous year due to the crypto winter. This tough period also led to a significant dip in the company’s profits by 86% during the same timeframe.
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