Bitkub prepares for variety

Bitkub prepares for variety

Bitkub Capital Group Holdings Co, an integrated blockchain technology developer and digital asset company, aims to be the top digital asset trading exchange by next year's first half by boosting the trading value of digital assets through variety.

The company operates, a digital asset exchange in Thailand, and is among the six businesses seeking a licence to legally operate here from the Securities and Exchange Commission (SEC).

Since its inception in February, Bitkub Capital Group Holdings has grown quickly, with a valuation of 525 million baht and investment from Total Access Communication Plc, DTAC Accelerate and SEAx, among others.

Bitkub founder and chief executive Jirayut Srupsrisopa said the company plans to add 20 cryptocurrencies and digital tokens for a total of 26 later this year.

The majority of new cryptocurrencies have international traits, and the SEC is evaluating these digital asset investment products for approval.

"We plan to have our digital asset trading value rise to 300-500 million baht within the first half of 2019," Mr Jirayut said. "The company plans to increase cryptocurrencies and digital token offerings in the future. We also plan to develop other related businesses to support investment education and trading facilities."

The company has about 20,000 individual member accounts.

Bitkub has been negotiating with three or four SET-listed firms to launch initial coin offerings and blockchain businesses.

"Fintech has been disrupting the financial sector, but blockchain and digital assets will disrupt stock exchanges in the future," Mr Jirayut said. "We expect the number of asset classes to increase by tenfold after our digital asset and blockchain businesses begin to operate fully."

The exchange provides six cryptocurrencies for trade and investment: bitcoin, ethereum, wanchain, cardano, omisego and bitcoin cash.

Daily average trading value logs about 50 million baht, coming behind BX, Thailand's top digital asset exchange, which registers daily trading value of 100-200 million baht.

Bitkub trades 24 hours a day, with no holidays to halt trade and transactions.

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