Siam Commercial Bank, Thailand’s oldest bank, has acquired a 51% stake in crypto exchange Bitkub for 17.85 billion Thai baht (around $537 million).

Bitkub announced the news on Tuesday, saying that the deal is expected to be completed by the first quarter of 2022, pending regulatory approval.

SCB CEO Arthit Nanthawittaya said the Bitkub acquisition will help "create new growth value in the long term amid a new financial world."

SCB is not new to the crypto world. The bank operates a venture capital unit called SCB 10X that invests in blockchain and decentralized finance (DeFi) startups. SCB10X is an investor in crypto firms such as Ripple, BlockFi, and Alpha Finance.

As for Bitkub, it is one of the few licensed crypto exchanges in Thailand.

Recent spate of M&A activity

The Bitkub-SCB deal is one of the largest in crypto as mergers and acquisitions continue to grow in the space.

Yesterday, Coinbase acquired Agara, an AI-powered customer support platform, reportedly for a price range between $40 million and $50 million. Last week, NYDIG acquired British bitcoin startup Bottlepay for $300 million. Recently Mastercard acquired Ciphertrace, FTX.US acquired LedgerX, and Cboe is set to acquire crypto exchange ErisX.

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