Major Thai crypto exchange bolsters workforce ahead of IPO

  • Bitkub, Thailand’s largest cryptocurrency exchange, is preparing for its IPO and actively seeking financial advisors to support the process, aiming for a public debut on the Stock Exchange of Thailand by 2025.
  • Bitkub plans to double its current workforce by hiring 1,000 employees by 2025, while simultaneously seeking expert advisors to guide its strategic growth initiatives.
  • Thailand’s cryptocurrency landscape thrives with over 13 million users, representing 18% of the population.

OUR TAKE
Bitkub, Thailand’s leading cryptocurrency exchange, is accelerating its hiring process and enlisting financial advisors in preparation for its upcoming IPO. This strategic move allows exchanges to secure funds for expansion, attract institutional investors, and bolster market credibility, reflecting the increasing acceptance of cryptocurrencies in Thailand and Southeast Asia. The entry of major players into the Thai market, including Binance’s full digital asset exchange launch in January 2024 and Kasikornbank’s acquisition of domestic exchange Satang Corporation, further underscores Thailand’s presence in the global crypto market.

–Sylvia Shen, BTW Reporter

Bitkub Capital Group Holdings, Thailand’s largest cryptocurrency exchange, is gearing up to launch its initial public offering (IPO) and is currently seeking financial advisors to assist in the process.

Bitkub eyes public debut

According to Bitkub’s CEO, Jirayut Srupsrisopa, the company plans to go public on the Stock Exchange of Thailand (SET) by 2025, with the primary goals being to secure additional capital and bolster Bitkub’s market presence.

The upcoming initial public offering (IPO) is anticipated to place Bitkub’s valuation at approximately 6 billion baht, equivalent to roughly $165 million.

Additionally, Bitkub is actively expanding its workforce. Jirayut revealed that the exchange aims to hire 1,000 employees by 2025, effectively doubling its current staff of 2,000. Furthermore, the company is in the midst of recruiting advisors.

Also read: Crypto exchange Upbit’s daily trading volume falls to $3.8B in April

About Bitkub

Bitkub, headquartered in Bangkok, had 77% of Thailand’s cryptocurrency market as of December 2023, with a daily trade volume of approximately $30 million.

Other significant cryptocurrency exchanges in Thailand include Zipmex, Bitazza, and Upbit. However, Zipmex ceased operations in November 2023 due to regulatory crackdowns.

Also read: Hong Kong crypto exchange HKVAEX is shutting down

Thailand’s crypto landscape flourishes

Thailand has emerged as a significant player in the cryptocurrency market, boasting over 13 million cryptocurrency users as of 2023, which accounts for approximately 18% of the country’s population. By 2028, this figure is projected to surge to 17.7 million users.

As cryptocurrency adoption continues to soar in Thailand, competitors are striving to gain market share from Bitkub. Binance, a major global player, launched its local subsidiary in January 2024 and is poised to commence public operations later in the same year.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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