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News Forum - Bitkub company and coin value surges as SBC buys 51% of shares


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Crypto just got a big boost in Thailand as Siam Commercial Bank Group’s parent company SBCX struck a deal to take over 51% of shares of Bitkub from its parent company Bitkub Capital Group Holdings, a deal valued at 17.85 billion baht. SCB Securities will hold the shares and collaborate with Bitkub to create a national infrastructure with a digital asset exchange and fully digital ecosystem. The shares are expected to change hands in the first quarter of 2022. SCBX gains a toehold into the world of digital asset exchange and plans to create new value in the booming emerging […]

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Purchase price is near 8 times this year profit ??!!! after a 10 times rise in TO after one year ??!!

Wouaw, future of crypto is confirmed to be bright !!

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24 minutes ago, kmc said:

So one company owns the majority of the crypto, anyone buying now is just going to enrich this company...or am I missing something?

the company doesn't own the crypto, the customers do

the company makes the trading commission and sells other financial products

for the customer it's actually not bad to have it backed by a big bank rather than a newly setup crypto company, as that's already ended in tears many times with people losing all their investment. From bad management and bankruptcy, to a CEO dying without leaving passwords behind so crypto couldn't be accessed anymore etc.

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7 hours ago, kmc said:

So one company owns the majority of the crypto, anyone buying now is just going to enrich this company...or am I missing something?

You should check out the big shareholder of SCB, that may well answer your question.

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8 hours ago, Bob20 said:

the company doesn't own the crypto, the customers do

the company makes the trading commission and sells other financial products

for the customer it's actually not bad to have it backed by a big bank rather than a newly setup crypto company, as that's already ended in tears many times with people losing all their investment. From bad management and bankruptcy, to a CEO dying without leaving passwords behind so crypto couldn't be accessed anymore etc.

That already happened in Thailand a couple of years back

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35 minutes ago, Dennis said:

I must admit I still don't understand crypto. 

Any company can just launch their own crypto and promote it. Sounds like you can print your own money.

Lots of video's on YT 

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SCB will be the major owner of the TRADING platform (including the farming platform: see tuktuk.finance )

So they will in theory receive 52% of the profit, yes

They do not own the 'kub' crypto, but they will control the rules of emission/creation

It may be actually be a good news that a major bank be involved, as Asia is late in term of associated services, such as credit cards. Also, new 'neo banks' in Europe offer a crypto account beside their cash account.

And as mentioned by others, it is an assurance the platform will be financially robust and not disappear tomorrow ...

 

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10 hours ago, Bob20 said:

the company doesn't own the crypto, the customers do

the company makes the trading commission and sells other financial products

for the customer it's actually not bad to have it backed by a big bank rather than a newly setup crypto company, as that's already ended in tears many times with people losing all their investment. From bad management and bankruptcy, to a CEO dying without leaving passwords behind so crypto couldn't be accessed anymore etc.

good explanation! Want to add that while bitkub (and others) are the way to get your crypto, because it is an echange-trading site, If you want to invest for longer term in crypto, you move your crypto from the exchange site (bitkub in this case) to a non-custodial wallet: if the exchange site goes away, got hacked, ceo runs away etc, your crypto sits in YOUR wallet, which YOU hold, and nobody has access to. This is the safe way to go.

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