Bangkok, Thailand-based cryptocurrency exchange Bitkub Capital has raised THB50 million (US$1.7 million) in a pre-Series A funding round, the CEO Topp Jirayut Srupsrisopa revealed. Speaking to DealStreetAsia, Jirayut stated that the funding was from an undisclosed investor and that it would be used to develop the exchange’s products, ensuring an efficient platform.
Bitkub is one of only three cryptocurrency exchanges that the Thai Securities and Exchanges Commission has licensed to operate in the Southeast Asian country. Despite the number of crypto traders rising in Thailand, the SEC has remained cautious, with some of the exchanges that applied for the license failing due to inadequate security and KYC standards.
The funding will be instrumental for the exchange as it seeks to dominate the nascent crypto industry in the country. Thai crypto fans have continued to flock to crypto exchanges, especially now that the SEC seems to be in full control of the industry.
The exchange recently announced that it was being overwhelmed by the number of applicants seeking to open new accounts. Some of the applications took over 48 hours to process, with Bitkub stating that it was hiring more personnel to ensure a smoother experience for its new clients.
The exchange currently lists over two dozen cryptos including Bitcoin SV, SegWitCoin (BTC), Ether, XRP, Litecoin, Tether, Stellar, Cardano and OmiseGo. Users can swap crypto for crypto or cash out in Thai baht.
The Thai SEC has continued to regulate the crypto industry outstandingly, finding the balance between protecting the investors and encouraging innovations. Nevertheless, there have been cases of crypto fraud, with the most recent being a scam that lost investors over $16 million. As CoinGeek reported, Thai authorities arrested the man behind the scam, Mana Jumuang, last week.
Jumuang was alleged to be part of a larger crypto crime gang that operates in ten Asian countries, key among them Vietnam and Thailand. The scammers posed as expert crypto traders but would instead use the investors’ funds to buy luxury items and make their own personal investments.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.