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Thailand Bitkub partners with Major Mall Chain to accept Crypto

Thailand Bitkub partners with Major Mall Chain to accept Crypto

Thailand’s largest digital asset exchange has joined forces with the country’s most successful developer of retail shopping malls to enable cryptocurrency payments at its Bangkok department stores and gourmet food markets.

The recently-announced Bitkub M Company joint venture between Bitkup and The Mall Group is part of a larger strategy to redefine Thailand as Asia's leading hub for digital asset investment.

    Mr Jirayut (left) and Ms Supaluck at 'The Pinnacle of Prosperity' press conference. Image Source

    Crypto-Friendly Bangkok Malls

    Effective immediately, Thailand shoppers can use cryptocurrencies to pay for products, services and vouchers at seven of Bangkok’s high-end department stores, including Siam Paragon, Emporium and EmQuartier. To encourage faster adoption, no transaction fees will be charged until March 2022.

    Accepted coins are Bitcoin, Ethereum, Tether, XRP and Stellar Lumens, plus JFIN (a utility token used by Thai DeFi firm J Ventures) and Bitkub Coin (KUB).

    The payment system is designed to be simple and streamlined. Customers inform the cashier that they want to pay using crypto, and a QR code is displayed on a screen. The QR code is scanned using Line (Thailand’s most popular mobile chat application), which connects them to the Bitkup app to complete two-factor authentication. Depending on the coin used, payments as high as $30,000 are possible.

    Customers must have supported coins deposited in a Bitkub trading account, which entails KYC. Foreigners require additional verification, which can take up to 15 days.


    Part of a Larger Plan

    Bitkub M plans to include other regional companies and organizations, including AirAsia, Bangkok Airways, Dusit Hotels and Resorts, Kasemrad Hospital, Ananda Development, Millennium Auto Group and the Tourism Authority of Thailand.

    The Mall Group CEO Supaluck Umpujh implied support for a future economy where crypto assets replace fiat currency, stating that Bitkub M Company was established to “build a digital asset ecosystem for a sustainable digital economy.”

    The venture also recently announced the formation of Bitkub M Social, a digital community providing a hub for knowledge exchange, meetings and conferences on the new digital economy and resources for Thai and foreign startups and entrepreneurs.

    Thailand’s economy has long been dependent on tourism, accounting for 20% of the country’s GDP prior to the COVID-19 pandemic. With the devastated sector unlikely to fully recover anytime soon, Bitkub founder and CEO Jirayut Srupsrisopa said that “Thailand must reposition itself with digital assets as an important tool.”


    Bitkub Active in Thailand’s Digital Economy

    In November, Bitkub partnered with Mastercard, along with Hong Kong's Amber Group and Australia's CoinJar, to issue the region’s first cryptocurrency-backed payment card. According to the Mastercard New Payments Index, 45% of Asia-Pacific consumers are considering using cryptocurrencies within the next year, higher than the worldwide average.

    The company’s Bitkub Blockchain Academy also offers educational workshops on blockchain technology. The online portal provides information in both Thai and English targeted at investors stepping into the cryptocurrency sphere.

    Founded in 2018, Bitkub Online Co. Ltd. is by far the largest cryptocurrency exchange in Thailand, responsible for over 90% of all trading volume in the country and ranked 12th by CoinGecko’s Trust Score. In November 2021, Siam Commercial Bank acquired 51% of the company for approximately $537 million.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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