Bitkub Capital Group Holdings, the leading cryptocurrency exchange in Thailand, is taking important steps towards its goal of going public. The company has announced plans to list on the Stock Exchange of Thailand (SET) in 2025. To prepare for this milestone, Bitkub is not only hiring financial advisors, but also plans to double its current 2,000-person team by adding 1,000 new employees.
Big plans for Bitkub: Preparing for public debut and growth in the Thai crypto world
Following a drawdown period in 2022 and 2023, during which the company reduced its headcount by 6%, the expansion underscores Bitkub’s commitment to strengthening operations ahead of its long-awaited initial public offering (IPO), which is expected to be a major event for the company as it seeks to raise new capital and strengthen its market presence.
Bitkub’s dominance in the Thai crypto market is striking. As of December 2023, the exchange holds a market share of 77% with an average daily trading volume of approximately $30 million. This dominance is challenged by other competitors such as Upbit, Bitazza, and Zipmex, the latter of which faces regulatory hurdles in November 2023.
Thailand has an active cryptocurrency market with over 13 million users as of 2023, representing approximately 18% of the population. This number is expected to grow to 17.7 million by 2028. The growing adoption rate has attracted global and local players to the Thai market. Notably, Binance established its local subsidiary in Thailand in January 2024, while Kasikornbank acquired a majority stake in Satang crypto exchange in October 2023.
Bitkub's journey to go public has been fraught with twists and turns. In July 2023, the company sold 9.2% of its Bitkub Online division to Asphere Innovations for 600 million baht ($16.5 million). The sale was part of a broader strategy to boost the valuation of Bitkub Online, which accounts for approximately 80% of Bitkub Capital's revenue. The company's CEO, Jirayut Srupsrisopa, is optimistic about the platform's growth, predicting that trading volumes will reach levels seen during the 2021 cryptocurrency bull run.
However, the road is not without obstacles. In 2022, SCB X, a leading Thai financial company, withdrew from its 17.85 billion baht plan to acquire a stake in Bitkub Online 51% amid increased regulatory scrutiny. Despite these challenges, Bitkub remains focused on its goal of becoming a listed entity, marking an important milestone in Thailand's crypto industry.
Slothana: The Latest Memecoin Craze on Solana
There has been a new wave of memecoins on the Solana blockchain due to low transaction fees and high speeds. This has led to a series of high-profile presales. From the early success of BOME to the recent popularity of Slerf, these memecoins have made waves in the crypto community.
Slothana is the newest entrant in the Solana memecoin space. Inspired by Slerf’s use of sloths, Slothana aims to capture the interest of investors looking for fresh and attractive options. The coin is uniquely designed and has limited functionality, targeting “degen” investors who prioritize short-term profits over long-term prospects.
Slothana's simple approach has already attracted over $500,000 in investment. Investors only need to visit the official website, send SOL to the designated address, and wait for the airdrop of 10,000 SLOTH tokens for every 1 SOL sent after the presale ends.
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