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.
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