According to Cointelegraph: Bitkub Capital Group Holdings, the owner of the largest cryptocurrency exchange in Thailand, plans to expand its workforce by hiring 1,000 employees ahead of its proposed Initial Public Offering (IPO) on the Stock Exchange of Thailand (SET) in 2025.
CEO Jirayut Srupsrisopa has outlined plans to add financial advisers to the team and double the current workforce of 2,000 employees. The IPO is aimed at raising fresh capital and increasing Bitkub's profile.
Despite cutting its headcount by 6% in 2022 and 2023, Bitkub, based in Bangkok, maintains dominance in the Thai crypto market scene. The exchange held 77% of the market share as of December 2023, with daily trading volumes reaching roughly $30 million.
However, amidst growing cryptocurrency adoption in Thailand, other companies are digging in to capture a slice of Bitkub's market share. For instance, one of Thailand’s largest banks, Kasikornbank, secured a majority stake in the Satang crypto exchange in October 2023.
The drive to prepare for the IPO comes after Bitkub sold a 9.2% stake in its crypto exchange unit, Bitkub Online, to tech holding company Asphere Innovations in July 2023, valued at 600 million baht (approximately $16.5 million). Bitkub Online anticipates a surge in valuation as trading volumes on the platform move towards levels seen during the last crypto bull market in 2021. The unit accounts for around 80% of Bitkub Capital's earnings.
The services of Bitkub have recently become increasingly popular. According to Statista, Thailand had more than 13 million crypto users in 2023, approximating to about 18% of the total population. This number is projected to climb to 17.7 million users by 2028.