#CryptoThailand #DigitalAssets #Bitkub #Cryptocurrency #BlockchainTechnology #CryptoAdoption #Web3Tech #DecentralizedFinance
Thailand has solidified its presence as a key participant in Asian cryptocurrency ventures due to its high adoption rates, thriving digital service landscape, and encouraging regulatory atmosphere. Trading volume for digital assets has notably increased, with data from CoinGecko on prominent Thai digital asset exchanges such as Bitkub, Bitazza (broker), and Satang revealing a cumulative trading volume of $116.43 million between January and October 2023 – the equivalent of around 4.1 trillion Thai Baht.
Throughout 2023, Bitkub captured the market lead, accounting for 77.04% of the total trading volume for the year as reported by HashKey’s latest survey. Bitazza and Satang garnered market shares of 21.60% and 1.36% respectively. Satang, after being acquired by KASIKORNBANK (KBANK) in 2023, rebranded as Orbix. Thailand ranks tenth in Chainalysis’ Crypto Adoption Index, acknowledging overall user engagement on centralized exchanges, peer-to-peer trading, and decentralized finance (DeFi) protocols in its evaluation. Over 2.94 million user accounts are held by digital asset exchanges in Thailand, which equals to 4.27% of the total population and overtakes over half of the 5.5 million accounts on the stock market.
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