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Siam Commercial Bank purchases 51% stake in crypto exchange Bitkub
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cointelegraph.comThailand’s oldest bank plans to become the majority shareholder of one the largest crypto exchanges in the country after a $536.7 million purchase.
According to a Nov. 2 announcement, Siam Commercial Bank’s SCB X Group is expected to buy a 51% stake in Thailand-based crypto exchange Bitkub for 17.85 billion baht, or roughly $536.7 million, by the second quarter of 2022. The exchange said the deal is subject to approval from the Thai Securities and Exchange Commission, or SEC, and the country’s central bank.
Arthit Nanthawittaya, CEO of Siam Commercial Bank, said the acquisition was based on the growth of businesses in the digital asset space over the last 2 years and the expected value in the long term. The company hinted at aiming to
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