51% Stake in Bitkub Exchange Purchased by Siam Commercial Bank from Thailand
In the past 12 months, the expansion of the cryptocurrency industry has been tremendous. Countries from all over the world have started adopting cryptocurrencies on a really large scale. Countries and companies have started bringing cryptocurrencies and blockchain technology up to their use.
This is the reason why one thing has become very clear for the traditional financial institutions and regulators, which is related to cryptocurrencies. The traditional financial institutions and regulators from all over the world are well aware that the spread of cryptocurrencies is global and cannot be stopped.
This is the reason why traditional financial institutions from all over the world have started changing their approach towards cryptocurrencies. They have now started adopting cryptocurrencies and are using cryptocurrencies and blockchain technology to their benefit.
By now, several financial institutional giants such as JPMorgan, Morgan Stanley, and the Bank of America have started adopting cryptocurrencies.
This time, it is one of the largest banks from Thailand that has turned crypto-pro in a unique way. The name of the particular bank is the Siam Commercial Bank and it is one of the largest investment banks in the country.
Just recently, reports have started coming in about the Siam Commercial Bank’s huge move into the cryptocurrency sector. The bank has reportedly made a huge investment in one of the major cryptocurrency exchanges currently operating in Thailand.
The name of the particular exchange is Bitkub and the Siam Commercial Bank has acquired a huge stake in it. The reports reveal that the Siam Commercial Bank has acquired a 51% stake in the exchange. The reports also reveal how much money the bank has invested in order to acquire a majority stake in the exchanges.
The Siam Commercial Bank has reportedly spent more than half a billion dollars to acquire a 51% stake in the exchange. This goes to show that the Siam Commercial Bank, a traditional financial institution in Thailand has made its huge investment in cryptocurrencies.
The bank has prepared itself for the upcoming waves of cryptocurrencies and the mass adoption of the particular sector. With the Siam Commercial Bank investing in a cryptocurrency exchange, it will definitely be planning to offer crypto-related products to its clients.
There are high possibilities that the bank may make an attempt of increasing its client base with the adoption of cryptocurrencies. The bank will now be the lead decision-maker in the exchange and may come up with new products for the benefit of its investors.
Siam Commercial Bank is currently the oldest operating bank in Thailand and it reportedly invested over a billion in the exchange through SCB X, which is its holding company.
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Text source: Coinfrog
