Bitkub Capital Group Holdings (BCGH), the operator of Bitkub digital asset exchange, yesterday signed a memorandum of understanding (MoU) with China-based cryptocurrency exchange OKEx to cooperate on the digital asset trade and other future businesses.
BCGH co-founder and group chief executive Jirayut Srupsrisopa said the MoU aims to build up digital trading volume in the two exchanges.
OKEx has high growth potential as the exchange's customer base is made up of Chinese investors, which could continue to rise in the future, said Mr Jirayut.
For Bitkub, the exchange expects trading liquidity to increase following the cooperation with OKEx, with new investment products and services poised to be rolled out in the future, he said.
The collaboration between Bitkub and OKEx aims to work on high-quality blockchain technology-driven projects to promote positive development in the blockchain industry by building mutually beneficial deals.
Both exchanges are exploring ways to integrate the Thai exchange and foreign exchanges for both Thai and foreign users to trade conveniently.
OKEx offers over 400 token and futures trading pairs. The platform provides a secured environment for digital asset trade, serving 20 million customers from over 100 countries.
Bitkub chairman Sakolkorn Sakavee said Thailand will no longer be a follower in terms of cryptocurrency and blockchain technology.
Bitkub's partnership with a leading digital asset exchange will enable it to compete if foreign digital asset exchanges decide to enter the domestic market, said Mr Sakolkorn.
"This partnership enables Bitkub to have the capacity and advantages equal to a foreign exchange, with 100% of the Thai service mindset," he said.
Foreign companies entering the business with approved Thai cryptocurrency exchange licences have a long-term effect in the Thai cryptocurrency market that regulators may not yet realise, said Mr Sakolkorn.
Bitkub's average daily trading volume is registered around 50 million baht.
Trading liquidity has been slight because of fluctuations in cryptocurrency prices.
"We are confident cryptocurrency trading will gradually grow into a global trend," said Mr Jirayut.