Bitkub Exchange

Thailand has seen tremendous popularity of crypto currencies. There are currently many exchanges doing business, but there is one exchange that is gaining popularity by leaps and bounds — Bitkub. In this article, I would like to describe Bitkub, the top crypto currency exchange in Thailand in terms of transaction volume.

About Bitkub and Its History

Bitkub is a cryptocurrency exchange established in 2016. At the time of its establishment, Thailand did not yet have a legal framework for crypto currency — trading in crypto was still a legal gray area. The author himself has been trading bitcoin on the Thai crypto currency market since 2016, when the price was still around 20,000 baht.

With the crypto bubble of 2017, cryptocurrency began to be recognized by the public. In May 2018, the Digital Bill was enacted by the Thai SEC. While many vendors were not granted licenses and went out of business, Bitkub, along with BX Thailand and Satang Pro, successfully obtained an exchange license.

In September 2019, BX Thailand suddenly announced it was shutting down. Thai crypto traders who had nowhere else to go were forced to move to Bitkub. A mass migration of users occurred, and Bitkub took on all of BX's customers. Despite the somewhat fortunate circumstances, Bitkub has since maintained its dominant position — its competitors have been unable to take market share away.

Bitkub Company Structure

CEO Topp Jirayut Srupsrisopa

The CEO of Bitkub is Topp Jirayut Srupsrisopa — a serial entrepreneur who launched Coin.co.th in 2014 when he was just 24 years old, and Bitkub in 2016. Currently only 31 years old, he has become a representative of Thailand's young generation. His management skills have been a key driver of Bitkub's growth.

Key Features of Bitkub Exchange

Highest Trading Volume in Thailand

Bitkub dominates the Thai market. In addition to Bitkub, there are five other licensed exchanges operating in Thailand:

• Zipmex (second largest in Thailand)
• Satang Pro (well-established exchange)
• Bitazza (third largest)
• Upbit (South Korean overseas branch)
• Z.comEX (Japan's GMO overseas brand)

The combined trading volume of all non-Bitkub exchanges does not come close to Bitkub. In terms of profit, Bitkub is the only company truly winning the market.

Backed by a Major Thai Bank (SCB)

SCB (Siam Commercial Bank), one of Thailand's top three private banks, acquired a 51% stake in Bitkub in 2021. SCB is a company in which the King of Thailand is the largest shareholder. Bitkub now has the best financial backing in the Thai crypto space.

Proprietary In-House Trading System

Bitkub's exchange system uses a proprietary system developed in-house. All competitors (Zipmex, Bitazza, Upbit Thailand, SatangPro) use white-label systems from third parties. Bitkub is unique in having its own development team.

KUB Coin — Bitkub's Native Token

KUB is a utility token similar in concept to Binance's BNB. It offers features such as discounted exchange fees. KUB started trading at ~30 THB in April 2021 and rose to 450 THB by end of 2021 — a 15x increase. KUB can be traded on Bitkub, Gate.io, and MEXC.

Bitkub Chain

Bitkub has released its own blockchain — the Bitkub Chain. It is compatible with the ERC20 standard, similar to Binance Smart Chain, with significantly lower transfer fees than Ethereum.

Future Strategy

Bitkub is aiming to become the Coinbase of Asia and has announced its intention to list on the SET (Stock Exchange of Thailand) and NASDAQ. The company is also planning to enter the Philippines and Malaysia markets in the future.

Pros & Cons

Summary

Bitkub's reputation is currently very good. While the exchange had system reliability issues in 2020, improvements have been made and there have been no major outages since. SCB's investment has further strengthened the company's financial credibility.

If you want to trade cryptocurrency in Thailand, Bitkub is without a doubt the exchange to open an account with first. It is the only way to effectively access the Thai crypto market with maximum liquidity.