Bitkub secures $17.8 million in funding to fuel its crypto domination in Thailand
With a big dream of dominating the digital asset services scene in Thailand which has over 6.2 million crypto enthusiasts as of 2022, Bitkub, a Thailand-based crypto, is joining forces with Asphere Innovations to capture a larger slice of the market.
The crypto exchange platform has agreed to sell a 9.22% stake in the company to local game publisher Asphere Innovations for $17.8 million, according to regulatory filings.
Hungry for capital and in need to turbocharge its growth and expansion plans, Bitkub knew that a significant injection of funds was the key to unlocking its full potential. The sale of shares to Asphere will provide Bitkub with additional capital, which will help the company expand its digital asset services in Thailand, revamp its technology infrastructure, and attract more users than ever before.
The collaboration could also mean mind-blowing advancements in the world of digital assets. This is because Asphere Innovations isn't just your average investor. It is a local game publisher with a knack for making strategic moves. Its involvement is poised to bring a whole new level of excitement to the crypto space.
Bitkub is a Thailand-based digital asset and cryptocurrency exchange platform that offers advanced exchange services to individuals who intend to buy, sell, and store cryptocurrencies.
Before now granting Bitkub was near achieving unicorn status after it announced it would be acquired by Thai bank SCBX, which would have valued the 51% stake at over $500 million. However, the acquisition was called off due to regulatory issues identified during a due diligence exercise by the country's Securities and Exchange Commission.
But, this new collaboration could mean a comeback – maybe not on the same scale – for the crypto exchange company which has continued to face revenue slowdown amid a crypto winter.
