Thailand’s largest crypto exchange is hiring ahead of its IPO.

Bitcube Capital Group Holdings, the owner of Thailand's largest cryptocurrency exchange, is hiring financial advisors to facilitate its planned initial public offering (IPO) listing.

Bitcube was founded in 2010. It aims to go public on the Stock Exchange of Thailand (SET) in 2025, and CEO Jirayut Srupsirisopa told Bloomberg on April 1 that the upcoming public listing aims to raise new capital and raise Bitcoin's profile.

In addition to hiring consultants, Bitcube Although it will reduce its headcount by 6 percent in 2022 and 2023, it is actively expanding its workforce.

Girayut Thailand Exchange is looking to add 1,000 employees by 2025, which will double the current workforce of 2,000 people.

Bitcube announced plans to launch an IPO in Thailand in 2023 through a shareholder letter, without disclosing details.

Bangkok-based Bitcube is the largest crypto exchange in Thailand, with a market share of 77% as of December 2023, according to HashKey data. The exchange handles about $30 million in daily trading volume.

Other major Thai crypto exchanges include Upbit — launched in 2021 — along with Bitazza and Zipmex. However, Zipmax suspended trading in November 2023 following action from local regulators.

Thailand has emerged as a major crypto player in recent years. In the year It is reported to have more than 13 million crypto users by 2023, accounting for 18% of its total population, according to Statista. This figure is expected to reach 17.7 million users by 2028.

As adoption continues to grow, cryptocurrency companies are moving to grab a share of the Bitcoin market in Thailand.

Its main global rival, Binance, officially launched its local branch in January 2024 and plans to open it to the public in 2024.

Thailand's Kasikornbank – one of the largest in the country – acquired a majority stake in Satang crypto exchange in October 2023.

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The new details of Bitkub's planned IPO are after the exchange sold a 9.2% stake, called Bitkub Online, to technology holding company Aspher Innovations in July 2023. At the time, the stock was worth 600 million baht, or $16.50. million.

According to Jirayut, Bitkub expects the online price of Bitkub to rise in 2021 as the volume of transactions on the platform increases to levels not seen since the last crypto bull market.

In the year In 2022, the country's largest bank by market value, SCB X, a financial firm, scrapped plans to acquire a 51% stake in Bitcube Online in a 17.85 billion baht plan amid increasing regulatory scrutiny.

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