Cryptocurrency exchange Bitkub raises $2.1m in biggest seed round in Thailand

Bitkub Capital, a Thai cryptocurrency exchange firm, has secured 67 million baht ($2.1 million) in seed funding, which marks the largest seed investment round among Thai startups to date, according to co-founder and CEO Topp Jirayut Srupsrisopa.

The investors in this round include Siamrath Group, Dtac Accelerator and SeaX Ventures. He said that the company closed the seed round at the valuation of 525 million baht ($16.41 million).

The seed round capital will be used for the development of infrastructures and applications processes, compliance programme, automation of workflows, talent employment and acquisition of necessary licenses, he cited.

“We are now at the scaling phase. We are growing very fast despite the market correction,” he said.

To fuel its growth, Bitkub will now raise $10 million in series A round.

“Our plan is to scale domestically first. We want to use our series A round to dominate the Thai market, onboard institutional traders/investors, as well as partner with traditional financial players,” he explained.

“From my previous experience, 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, founded as a holding company in 2018, was among the first three cryptocurrency exchanges that received the license from the Thai Securities and Exchange Commission in January.

“I hope the digital asset exchange license will be of limited number, just like the banking license in Thailand,” he cited.

Under its umbrella, it has four main business units, operated by different companies, comprising Bitkub Online taking care of the digital asset exchange platform; Bitkub Blockchain providing ICO advisory services; Bitkub Blockchain Academy holding education workshops in blockchain; and Bitkub Capital acting as a venture capital firm.

He believes that the competition of cryptocurrency exchanges in Thailand will get tougher but the market size will also increase in the long-run.

“In the future, everything that can be digitalised – will be digitised. Eventually, focus will shift from infrastructure to applications. Power will shift to consumers and business who can provide a great user experience. The role of the stock exchange and businesses which currently exist merely to hold assets, will be transformed,” he added.

Prior to Bitkub, Topp had co-founded coins.co.th, the largest bitcoin exchange in Thailand. Currently, he is also a Board of Director at the Thai Fintech Association.

Also read:

Blockchain Digest: Thailand approves four crypto exchanges; TenX president Hosp steps down

Thailand to issue rules on cryptocurrency by end-June

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.