Asian Tech Press (Nov 3) -- Thailand's licensed cryptocurrency exchange Bitkub Online Co. announced Tuesday evening that the King-backed Siam Commercial Bank (SCB), will acquire 51% of its shares for 17.85 billion baht ($537 million).

As the largest cryptocurrency exchange operator in Thailand, Bitkub is valued at approximately 35 billion baht ($1.053 billion) after the deal is completed, and successfully joins the "unicorn" club of startups valued at more than $1 billion.

The deal is reportedly expected to be completed in the first quarter of 2022, pending regulatory approval.