To cater to the growing number of Thai investors flocking to bitcoin and other cryptos, Upbit Thailand launched on Wednesday.
The launch of the digital asset exchange, a joint-venture between Upbit APAC Pte and a group of Thai billionaires, followed a difficult week for the kingdom’s top crypto platform Bitkub, which briefly shut down to fix some issues at the request of the regulator, the Bangkok Post reports.
Owned by CP Group heir and owner of Fortune magazine Chatchaval Jiaravanon and business magnates Somphote Ahunai and Preecha Praipattaraku, Upbit Thailand has registered capital totalling 80 million baht (US$2.667 million). Upbit launched in South Korea in 2017 with the help of its American partner Bittrex.
Somphote said, “Digital asset exchanges are necessary to raise funds and develop applications that will benefit future business operations.”
Preecha Praipattarakul, a board member of Upbit Thailand, told the Post that the company applied for a digital asset exchange licence and a digital broker licence for cryptocurrency and digital tokens several months ago.
“It’s a coincidence we received permission from the Securities and Exchange Commission at this time,” he said, referring to Bitkub’s operational woes.
Bitkub reopened services on its mobile application Wednesday. The company’s PR spokesman said the daily trade volume gradually rebounded within eight hours after reopening.