Bitkub Capital, a Thailand crypto exchange raises $2.1M in its latest seed round.
CEO and founder Jirayut “Topp” Srupsrisopa of the exchange says that this is the highest amount raised by any Thailand startup.
It received its funding from large companies such as SeaX Ventures, Siamrath Group, and Dtac Accelerator. The total amount raised by the exchange in its seed funding is 67 million baht (approx. US$2.1 million).
The firm’s value has raised to a total of 525 million baht (US$16.41 million) after funding.
The exchange runs four units:
- Bitkub Capital, a venture capital firm;
- Bitkub Blockchain, an ICO advisor;
- Bitkub Online, a provider of services relating to its digital asset exchange platform;
- Bitkub Blockchain Academy, an organizer of the blockchain-related workshop.
Its reported that the fundings would be utilized “towards the development of infrastructure and application processes, workflow automation, talent recruitment, compliance program, and acquiring the necessary licenses.”
In its series A round the Thailand crypto exchange raised US$10 million while disclosing it wants to:
“dominate the Thai market, onboard institutional traders/investors, as well as partner with traditional financial players.”
“From my previous experience, we should not scale to other countries until we dominate our home market, and have stable systems and processes first. Once we achieved them, it makes scaling to other countries much easier.”Jirayut “Topp” Srupsrisopa, CEO and founder of Bitkub Capital
The cryptocurrency exchange was established in 2018 as a holding company. It is one of the three exchanges “to be granted an operating license from the Thai Securities and Exchange Commission earlier this year.”