Bitkub

Jirayut Srupsrisopa, the main co-founder of Bitkub and CEO of Bitkub Capital, was one of Thailand's first tech entrepreneurs to enter the cryptocurrency business. He had previously co-founded the Bitcoin wallet operator Coins.co.th (a partner of Philippines-based Coins.ph, which was acquired by Go-Jek in 2019{{cite news |last1=Russell |first1=John |title=Go-Jek buys fintech startup Coins.ph for $72M ahead of Philippines expansion |url=https://techcrunch.com/2019/01/18/gojek-coins-ph-philippines/ |access-date=11 December 2021 |work=TechCrunch |date=18 January 2019}}), before leaving to raise funding for Bitkub, which was founded in February 2018 with a registered capital of 50 million baht, backed mainly by mobile operator DTAC. By the end of the year, it had become Thailand's second-largest digital currency exchange, after BX.in.th.{{cite news |title=From troublemaker to Thailand's first fintech unicorn – tracking Jirayut Srupsrisopa's crypto journey |url=https://www.thaipbsworld.com/from-troublemaker-to-thailands-first-fintech-unicorn-tracking-jirayut-srupsrisopas-crypto-journey/ |access-date=11 December 2021 |work=Thai PBS World |date=6 December 2021}}{{cite news |last1=Polkuamdee |first1=Nuntawun |title=For 'Topp', no use resisting the urge to coin money |url=https://www.bangkokpost.com/business/1590054/for-topp-no-use-resisting-the-urge-to-coin-money |access-date=11 December 2021 |work=Bangkok Post |date=8 December 2018}} It was one of the first four exchanges to receive operating licences from the {{ill|Securities and Exchange Commission (Thailand)|th|สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์|lt=Securities and Exchange Commission}} (SEC), in January 2019, when the Ministry of Finance began regulating digital asset services.{{cite news |last1=Russell |first1=John |title=Thailand issues its first licenses to 4 crypto exchanges |url=https://techcrunch.com/2019/01/09/thailand-crypto-exchange-license/ |access-date=11 December 2021 |work=TechCrunch |date=9 January 2019}}

The company reported rapid growth in revenue, from 3 million baht in 2018 to 30 million and 300 million over the next two years, and 3.28 billion during the first three quarters of 2021.{{cite news |last1=Nguyen |first1=Anuchit |title=Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake |url=https://www.bloomberg.com/news/articles/2021-11-03/crypto-exchange-becomes-newest-thai-unicorn-as-bank-buys-stake |access-date=11 December 2021 |work=Bloomberg |date=3 November 2021}} It benefited from the abrupt closure of BX.in.th in 2019,{{cite news |last1=Polkuamdee |first1=Nuntawun |title=SEC asked to shut out large foreign entrants |url=https://www.bangkokpost.com/business/1802039/sec-asked-to-shut-out-large-foreign-entrants |access-date=11 December 2021 |work=Bangkok Post |date=26 November 2019}} and the rush into cryptocurrency trading as the price of Bitcoin surged from late 2020, but the spike in activity overwhelmed its systems, causing multiple crashes in January 2021, prompting the exchange to temporary shutdown; the SEC ordered rectification of the issues.{{cite news |last1=Polkuamdee |first1=Nuntawun |last2=Chudasri |first2=Darana |title=Bitkub told to fix platform issues |url=https://www.bangkokpost.com/business/2053767/bitkub-told-to-fix-platform-issues |access-date=11 December 2021 |work=Bangkok Post |date=20 January 2021}} The SEC also ordered a suspension of new user registration until the company could demonstrate the resilience of its systems, which was lifted in April.{{cite news |last1=Polkuamdee |first1=Nuntawun |title=SEC bars Bitkub from registering new clients |url=https://www.bangkokpost.com/business/2063359/sec-bars-bitkub-from-registering-new-clients |access-date=11 December 2021 |work=Bangkok Post |date=5 February 2021}}{{cite news |last1=Chudasri |first1=Darana |title=April sees surge in retail cryptocurrency traders |url=https://www.bangkokpost.com/business/2103539/april-sees-surge-in-retail-cryptocurrency-traders |access-date=11 December 2021 |work=Bangkok Post |date=22 April 2021}} In May, the company introduced its own cryptocurrency, Bitkub Coin (KUB).{{cite news |last1=Chudasri |first1=Darana |title=Bitkub Coin debuts on exchange in stable trade |url=https://www.bangkokpost.com/business/2119095/bitkub-coin-debuts-on-exchange-in-stable-trade |access-date=11 December 2021 |work=Bangkok Post |date=21 May 2021}}

In November 2021, Siam Commercial Bank Group announced an acquisition deal in which it would (pending regulatory approval) acquire a 51-percent stake in Bitkub Online for 17.85 billion baht ($535 million), placing its total valuation at over $1 billion and making it one of Thailand's first unicorn start-up companies.{{cite news |title=Thai Siam Commercial Bank makes $537 mln acquisition in digital asset exchange Bitkub |url=https://www.reuters.com/article/siam-comm-bank-ma-idUSL4N2RT30R |access-date=11 December 2021 |work=Reuters |date=2 November 2021}} This deal was later scrapped in August 2022, with Siam Commcercial Bank Group abandoning this due to unresolved regulatory issues.{{cite news |last1=Polkuamdee |first1=Nuntawun |last2=Wiriyapong |first2=Nareerat |title=SCB X scraps Bitkub investment plan |url=https://www.bangkokpost.com/business/2377276/scb-x-scraps-bitkub-investment-plan |access-date=31 August 2022 |work=Bangkok Post |date=26 August 2022 |language=en}}

The company has announced plans for international expansion in Southeast Asia.{{cite news |title=Bitkub plots expansion in bid to be Asia's Coinbase |url=https://www.bangkokpost.com/business/2224847/bitkup-plots-expansion-in-bid-to-be-asias-coinbase |access-date=11 December 2021 |work=Bangkok Post |agency=Bloomberg |date=1 December 2021}}

In December 2021, Bitkub was fined a total of 3.9 million baht for eight infractions including system outages and disruptions, violating trading rules, insufficient customer support, insufficient market surveillance, improper customer asset storage, and improper compliance system.{{cite news |title=ก.ล.ต. สั่งปรับ"บิทาซซ่า-บิทคับ-สตางค์" |url=https://www.bangkokbiznews.com/business/979043 |access-date=16 January 2022 |work=Krungthep Turakij |date=24 December 2021 |language=th}}{{Cite web|url=https://www.nationthailand.com/in-focus/40010384|title=Digital asset firms hit with huge fines for insecure transactions, deposits|date=24 December 2021}}

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{{Cryptocurrency exchanges}}

Category:Cryptocurrency exchanges

Category:Financial services companies of Thailand

Category:2018 establishments in Thailand