SCB acquires 51% stake in crypto exchange Bitkub for $ 537 million

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Siam Commercial Bank, Thailand’s oldest bank, has acquired a 51% stake in the crypto exchange Bitkub for 17.85 billion Thai baht (approximately $ 537 million).

Bitkub announced the news on Tuesday, saying the deal is expected to be finalized by the first quarter of 2022, pending regulatory approval.

SCB CEO Arthit Nanthawittaya said the acquisition of Bitkub would help “create new long-term growth value in a new financial world”.

SCB is not new to the crypto world. The bank operates a venture capital unit called SCB 10X which invests in blockchain and decentralized finance (DeFi) startups. SCB10X is an investor in crypto companies such as Ripple, BlockFi, and Alpha Finance.

As for Bitkub, it is one of the few licensed crypto exchanges in Thailand.

Recent wave of M&A activity

The Bitkub-SCB deal is one of the biggest in crypto, as mergers and acquisitions continue to grow in the space.

Yesterday, Coinbase acquired Agara, an AI-based customer support platform, apparently for a price range of between $ 40 million and $ 50 million. Last week, NYDIG acquired British bitcoin startup Bottlepay for $ 300 million. Recently, Mastercard has acquired Ciphertrace, FTX.US has acquired LedgerX and Cboe is in the process of acquiring the ErisX crypto exchange.

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