Thailand’s leading tech firm Kasikorn Business-Technology Group (KBTG) is launching it's very own initial coin offering (ICO) platform Kubix Digital Asset.
Kasikorn Business Technology Group (KBTG), an arm of the fourth largest bank in Thailand Kasikornbank (KBank) is among the many financial institutions to have made its way to the digital asset sector.
According to a Bangkok Times report, KBTG is planning to launch its new Kubix Digital Asset ICO platform and has already received approval from the Thailand securities regulator.
Currently awaiting its business activation license from the Thai Securities and Exchange Commission, Kubix is expecting a full-fledged launch this year. As of now, the platform is preparing to provide guidance related to digital assets to Thailand residents.
The latest ICO platform intends to convert tangible assets into real-world value based on digital tokens to lessen the impact of price volatility. Ruangroj Poonpol, KBTG chairman and the board chairman of Kubix says that the conversion was developed as an alternative form of investment to allow businesses easier access to funding sources while offering investors a diverse form of investment.
Kubix's goal is to redefine investment in Thailand and persuade Thais to invest more as the company believes the ultimate outcome of investment goes beyond monetary gains. This will allow customers to invest in newer forms of assets and reap viable returns, he added.
Prior to this, KBTG had formed a partnership with the Stock Exchange of Thailand to establish the Thai Digital Asset Platform.
Investments in the digital asset market of Thailand recorded massive growth last year. In fact, the Thai Securities and Exchange Commission (SEC) has been actively introducing newer crypto regulations for the industry amid a surging crypto adoption in the country.
In March, the regulatory agency had proposed a $32,000 minimum annual income requirement for investing in cryptocurrencies. The Thai SEC had previously banned crypto exchanges from handling certain token types including non-fungible tokens (NFT) in June.