Thailand’s oldest bank, Siam Commercial Bank, has acquired a 51 percent stake in cryptocurrency exchange Bitkub for 17.85 billion Thai baht (approximately $537 million).
Bitkub announced the news on Tuesday, stating that the transaction is expected to close in the first quarter of 2022, subject to regulatory approval.
SCB CEO Arthit Nanthawittaya stated that the Bitkub acquisition will help “create new long-term growth value amid a new financial world.”
SCB is not a newcomer to the cryptocurrency world. SCB 10X, the bank’s venture capital arm, invests in blockchain and decentralized finance (DeFi) startups. SCB10X is a cryptocurrency investor in companies like Ripple, BlockFi, and Alpha Finance.
Bitkub is one of Thailand’s few licensed cryptocurrency exchanges.
Recent flurry of M&A activity
The Bitkub-SCB transaction is one of the largest in cryptocurrency, as mergers and acquisitions continue to grow in the industry.
Coinbase reportedly paid $40 million to $50 million for Agara, an AI-powered customer support platform, yesterday. NYDIG paid $300 million for the British bitcoin startup Bottlepay last week. Mastercard recently acquired Ciphertrace and FTX. Cboe is set to acquire crypto exchange ErisX, while the US acquired LedgerX.