BY CNA Team - November 7, 2018
The race to become top Thai crypto exchange
There is a race to get a bigger slice of the crypto pie in Thailand with Bitkub Capital Group planning to lure more users to its cryptocurrency exchange by adding more coins and tokens for trading.
The Bangkok-based cryptocurrency exchange operator’s founder/CEO Jirayut Srupsrisopa says in a Bangkok Post report that the startup is planning to add 20 more coins and tokens to the six already available by year’s end.
He is aiming to make the Bitkub exchange the top exchange by trading volume by the first-half of 2019, despite having only started operations from this February.
The coins and tokens are being evaluated by the Thai Securities and Exchange Commission.
According to crypto information site CoinGecko, the Thai exchange with the largest 24-hour volume currently is BitOnBay, with US$68.44mil in volume traded, while BX Thailand is a distant second with US$3.36mil. Bitkub is third with US$1.05mil trading volume.
Bitkub is among six firms seeking a license from the country’s securities regulator to operate an exchange business.
For now, the startup is operating provisionally as it applied for the license within 90 days of the royal decree regulating digital assets that was published on May 14.
“We plan to have our digital asset trading value rise to 300 to 500 million baht within the first half of 2019,” Jirayut says, adding that there are plans to develop other related businesses to support investment education and trading facilities.
At present, the exchange has around 20,000 individual member accounts and offers bitcoin, ethereum, wanchain, cardano, omisego and bitcoin cash for trading.
Fintech has been disrupting the financial sector, but blockchain and digital assets will disrupt stock exchanges in the future,” Jirayut says.
“We expect the number of asset classes to increase by tenfold after our digital asset and blockchain businesses begin to operate fully.”
“We expect the number of asset classes to increase by tenfold after our digital asset and blockchain businesses begin to operate fully”.
Bitkub is valued at US$15.95mil after managing to attract investors such as mobile phone services provider Total Access Communication and SEAx.
Image courtesy of Bitkub.