Thailand’s Biggest Crypto Exchange Goes on Hiring Spree

Ahead of its IPO on the Stock Exchange of Thailand in 2025, Bitkub, Thailand’s leading cryptocurrency exchange, is embarking on a significant hiring spree. The company aims to recruit 1,000 new employees by the time of its IPO launch.

Bitkub Capital Group Holdings, the parent company of Bitkub, is currently engaging financial advisers to facilitate its planned initial public offering on the Stock Exchange of Thailand (SET) in 2025. According to CEO Jirayut Srupsrisopa, the IPO is intended to generate fresh capital and enhance Bitkub’s standing in the market.

Despite experiencing a 6% reduction in staff numbers in both 2022 and 2023, Bitkub is actively expanding its workforce. Jirayut revealed that the exchange plans to double its current staff count of 2,000 to 4,000 by 2025.

Bitkub had first announced its intentions to launch an IPO in Thailand in a shareholder letter in 2023, though specifics were not disclosed at the time.

As the largest cryptocurrency exchange in Thailand, Bitkub holds 77% of the market share as of December 2023, based on data from HashKey. The exchange facilitates approximately $30 million in daily trading volumes.

Among other prominent crypto exchanges in Thailand are Upbit, Bitazza, and Zipmex. However, Zipmex ceased trading operations in November 2023 following regulatory pressures.

Thailand has witnessed significant growth in its crypto sector, with over 13 million crypto users reported in 2023, constituting about 18% of the total population. This number is projected to reach 17.7 million users by 2028, as per Statista data.

With increasing adoption, rival cryptocurrency firms are vying for market share in Thailand. Notably, Binance, a major global player, established its local subsidiary in January 2024 and plans to commence operations in the same year.

Moreover, Thailand’s Kasikornbank acquired a majority stake in the Satang crypto exchange in October 2023, underscoring the expanding landscape of crypto-related ventures in the country.

The latest revelations about Bitkub’s IPO plans follow its sale of 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 or $16.5 million at the time.

Jirayut anticipates a surge in Bitkub Online’s valuation as trading volumes approach levels reminiscent of the last crypto bull market in 2021. Bitkub Online presently contributes approximately 80% of Bitkub Capital’s earnings.

In 2022, SCB X, a financial entity affiliated with Thailand’s largest bank by market value, scrapped its proposal to acquire a 51% stake in Bitkub Online worth 17.85 billion baht, citing heightened regulatory scrutiny.

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