Thai Crypto Exchange Bitkub Raises $2.1M in Latest Seeding Round

May 10, 2019

Thai cryptocurrency exchange operator Bitkub Capital recently announced that it has received US$2.1 million in its latest seed funding round. Co-founder and CEO Jirayut “Topp” Srupsrisopa affirmed that the amount is the most funding ever secured by any Thai startup.

Dealstreet Asia reported that Bitkub has received a total 67 million baht (approx. US$2.1 million) in seed funding, with investments from large companies including SeaX Ventures, Siamrath Group, and Dtac Accelerator.

Jirayut revealed that the funding round brings the firm’s valuation to 525 million baht (US$16.41 million). The funds will reportedly go towards the development of infrastructure and application processes, workflow automation, talent recruitment, compliance program, and acquiring the necessary licenses.

To maintain momentum, Bitkub disclosed that it is set to raise US$10 million in its Series A round to “dominate the Thai market, onboard institutional traders/investors, as well as partner with traditional financial players.”

“From my previous experience,” Jirayut explained, “we should not scale to other countries until we dominate our home market, and have stable systems and processes first. Once we achieved them, it makes scaling to other countries much easier.”

Bitkub Capital was established as a holding company in 2018. It was also one of the first three crypto exchanges to be granted an operating license from the Thai Securities and Exchange Commission earlier this year.

The company runs four main business units: Bitkub Capital, a venture capital firm; Bitkub Blockchain, an ICO advisor; Bitkub Online, a provider of services relating to its digital asset exchange platform; and Bitkub Blockchain Academy, an organizer of blockchain-related workshops.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain Enables Verification of COVID-19 Immunity
    Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

    November 21, 2020

    Illicit Cryptocurrency Activity: A Concern
    Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

    November 20, 2020

    IBM Using Blockchain to Help Businesses Reopen during COVID-19
    IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

    November 20, 2020

    Canadian Pacific Railway Collaborates with TradeLens
    Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

    November 19, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us