The board of directors of SET-listed Asphere Innovations on June 30 approved the purchase of 9.22% of the total authorised share capital in Bitkub Online Co (BO) from Bitkub Capital Group Holdings Co for no more than 600 million baht as part of an expansion of Asphere's presence in the blockchain and crypto market.
The share purchase is expected to be completed on July 31, according to Asphere's filing to the Stock Exchange of Thailand last week.
BO is a leader in the digital asset exchange business in Thailand and obtained digital asset exchange licences in the form of a cryptocurrency exchange licence and digital token exchange licence from the Ministry of Finance under the name Bitkub Exchange.
Pramoth Sudjitporn, chairman of Asphere's board, said the company recognises the tremendous opportunities that arise from blockchain technology, commonly referred to as Web 3.0, which is set to play a vital role in the future, according to an Asphere news release.
"Therefore, we are excited to acquire shares in Bitkub Online, Thailand's leading cryptocurrency and digital assets exchange, boasting a market share of over 90%. With its extensive expertise and comprehensive blockchain and cryptocurrency ecosystem, Bitkub Online will enhance and strengthen our business and enable us to become a prominent player in the digital technology service provider industry."
In 2022, Asphere partnered with Bitkub Ventures Co to establish Kubplay Entertainment Co to develop and deliver a cutting-edge hybrid Web 3.0 gaming platform.
The investment in Bitkub Online further solidifies the bond between the two companies, fostering expanded cooperation, knowledge exchange and technological advancements within Asphere Innovations' core business and its wider group of companies, the company said.
This includes harnessing the potential of blockchain tech to enhance security and transparency for online transactions, as well as the development of decentralised applications (dApps) to introduce innovative services across the group's existing operations.
Asphere, formerly known as Asiasoft Corporation, operates in the field of digital technology and consists of four business groups, including online games, blockchain and innovation technologies, marketing technologies and corporate venture capital.
Bitkub Online's platform offers trading services for 87 different digital currencies and has more than 1.9 million verified user accounts.
