An overview of the digital asset exchange market in the country after Binance announced that it will join forces with GULF to enter the market to fight big SCB-backed Bitkub. Even being the number one in the world while Bitkub is still number one in the country. along with the development to expand the base
A collaboration between Gulf Energy Development Public Company Limited (GULF) and Binance Group to jointly study and formulate a digital asset exchange business development plan and Related businesses in Thailand on the 17th last Jan In addition to affecting the company’s share price It also stimulates the awakening of the digital asset market in the country to multiply you.
After helping at the end of last year, the mother vehicle SCB X of the “Siam Commercial Group” announced an investment in “Bitkub Online Co., Ltd.” (Bitkub Online Co., Ltd.), the country’s leading digital asset trading center. through the acquisition of 51 percent of common shares, or a value of more than 17.8 billion baht, with SCB Securities Company Limited (SCBS) being the major shareholder. In charge of driving and working with “Bitkub” as a business partner to build a business together.
New investment trends continue to increase roles
what happened to “SCB and Bitkub” as well as “GULF and Binance” reinforces that New investment trends Cryptocurrency (Cryptocurrency) is coming to surpass traditional investments continuously. Although it will still take time to equalize the market capitalization of its big brothers such as the bond market and the stock market, today the Digital Asset Exchange is more tangible than in the early days. which has 2-3 listed companies trying to push But it still hasn’t received as much feedback as it should. compared to the present Especially when SCB invests a majority stake in Bitkub, it has greatly encouraged investors to consider a new investment in the Digital Asset Exchange.
so As investor interest in the Digital Asset Exchange market increases, the quest for knowledge on this new investment would have more like a shadow And it helps to make it easier for new competitors to enter the domestic market to do business. At the same time, there will be business competition and the inevitable beneficiary is customers or investors who will receive more efficient services or information or tools in the future.
These things have happened before. From the people of the previous generation who decided to transfer money from commercial banks that offer low interest rates. Turning to investing in the stock market in hopes of getting a higher rate of return. even knowing that this kind of investment is more risky and What is expected to progress further is that the Digital Asset Exchange market will gain more attention from listed companies. for a new business channel or a new fundraising channel leading to the issuing of financial products Cryptocurrency on the rise
Binance and the Thai market is not easy.
It is well known that “Binance” is the world’s number one digital asset trading platform. In the past, many Thai investors have already chosen to use Binance’s services from the countless products available for trading and investment. Including those miners who can return for their hard work through this channel.
but Entering the market in Thailand is not an easy task. That’s because the main problem is the rules and regulations of the government, especially the Securities and Exchange Commission (SEC), as well as the current raging controversy or controversy such as the profit tax announcement. from cryptocurrency trading or Capital Gains at the rate of 15% of the Revenue Department that has not yet been concluded This is a major obstacle for Binance, especially for Thai clients who have open accounts in Binance. Will it be affected by the Revenue Department’s tax bill? both in the form of speculative investment or coin mining
At the same time, there are many products of Binance. Will it be able to be brought in to serve new Thai customers that will occur after all? Or the rules of the regulator may spit poison until the product is only partially presented in the Thai market.
GULF, the ultimate partner
That makes many parties view that the announcement of cooperation with the group “Gulf Energy” in addition to jointly study and develop a digital asset trading center business development plan. and related businesses in Thailand Binance also hopes to increase its reliance on GULF in other ways. Especially helping to negotiate for entering the Thai market because GULF is considered one of the largest listed companies in the country. with a large number of concession negotiations with the government sector especially in the field of electric power
not only this Considering the potential, the entire Gulf group was huge. with a total market cap of the whole group of more than 1.24 trillion baht because GULF is currently a major shareholder in Intouch Holdings Plc. major domestic companies such as ADVANC (AIS) and Thaicom Public Company Limited (THCOM), leading to the prediction that besides will help Binance pass the rules or conditions of SEC to do business in the country more conveniently At the same time, with a user base on AIS’s mobile network of more than 43 million accounts, it is believed that it will help Binace easily expand its customer base in Thailand. Many new ducts have emerged that benefit both parties. That’s because today’s economy is driven by innovation and technology. Digital assets and related technologies will play a significant role in enhancing the efficiency of the country’s financial infrastructure and will become increasingly important in people’s daily lives.
Therefore, with a strong network of partners in both business and financial sectors, GULF believes that if Binance can break through the arhat barrier to enter the Thai market. The rest will not be too difficult to compete with the strong business competitor of the moment, “Bitkub”.
Bitkub number one is sleeping.
The overview of investing in digital assets in Thailand in the past 2021 has been very active. The trend of new players entering the cryptocurrency trading market is rapidly increasing. and it is expected that this year will continue to increase
As for the reason why Thai people are increasingly interested in trading digital assets, that is because Traders can invest in digital assets both domestically and internationally by themselves. using a small amount At the same time, the private sector is increasingly paying attention to the application of digital assets to businesses. whether it is used as a medium of exchange or converting assets into digital assets causing the popularity of the subject to increase rapidly
For Bitkub in the past, joining the SCB group has been a big move. and is the hope of Thailand that will bring many new opportunities by The company’s goals and business plans for 2022 also focus on growing the cryptocurrency market in the country by sustaining more than 10x growth in terms of customer numbers. and income to continue Currently, there are approximately 3 million investors open accounts, an increase of 1000% from April 2021, which had 1 million accounts, by expanding the base to more general people. Not limited to people with IT knowledge because when the customer base is wider The market will increase accordingly. causing the turnover to be higher as well
Meanwhile, Bitkub executives reiterated that the group expected In the future, despite many new people coming in, at least people are familiar with this application. It is something that can be invested with good returns and profits. So it’s not serious that there are more competitors. But serious about how to make the market more bigger than As for the business plan in 2022, the company will join hands with partners in the online game business. It is a bridge between gamers and cryptocurrency enthusiasts. In exchange between digital assets and the real money world Including the purchase of various entertainment services. In addition, will see cooperation between Bitkub and major partners in Thailand from various industries. To help build a digital asset ecosystem in the country
So in general Many believe that Bitkub’s growth going forward is a huge leap in transaction volume. and service account balance despite having large competitors But what’s interesting is that the company’s market share that used to hold more than 90% will be immortal for how long if Binance really jumps into the Thai market?
However, while studying Binance’s investment strategy, it is an opportunity for Bitkub to expand further. with the various operating procedures are all permitted and has already passed the SEC’s regulatory conditions Therefore, it is like a time for business development towards sustainability. In addition, the alliance, which is a major shareholder such as the “Siam Commercial Group”, has a long-standing reputation and experience in the financial industry. therefore has high strength in the financial market Therefore, cooperation to move forward in business between each other. It is expected to increase the potential of Bitkub even more and make it easier to create new products. that are beneficial to both sides come out a lot
overall If Binance actually enters the Digital Asset Exchange in Thailand Through cooperation with GULF, many believe that it will benefit the domestic market when SCB Group Bitkub has a worthy competitor. However, it is not easy for Banace to take over the existing market share easily. especially the reason from the conditions or rules of the supervisory department including the impact of customer groups from the Revenue Department’s tax collection both existing customers and new customers
as well as Bitkub expects its customers to be affected in the same direction. until the attractiveness of investment decreases But the business cycle is still in a period of exponential growth. from a new investment trend that has been continuously increasing will lead to market leadership as before But the key problem is to expand the investor base.