Bitkub, a local digital asset exchange, ranked as the 10th largest cryptocurrency exchange in terms of trading value on Coingecko.com on Nov 29, spurred by a chain of successful partnerships with major companies and surge of trading value for its homegrown coin, KUB Coin.
The exchange's trading value now stands at around 28 billion baht per day, mainly thanks to huge demand for three local coins on the exchange -- KUB Coin, JFIN Coin and SIX Coin -- whose total trading value contributed roughly 50% of the company's total turnover.
The prices of the three coins skyrocketed from the beginning of November before dropping sharply from peaks on Tuesday afternoon as investors took profits from the price surge.
According to Bitkub, KUB Coin price stood at 32.84 baht on Nov 1. It peaked at 500 baht on Nov 29 in a spike of 1,422%. On Tuesday at 2.30pm, the price dropped to 275 baht.
JFIN Coin's price stood at 14.50 baht on Nov 1 and surged 1,610% to peak at 248 baht on Nov 30. On Tuesday at 2.30pm, the price dropped to 123.21 baht.
Following the same trend, SIX Coin's price stood at 1.97 baht on Nov 1 before peaking at 19.80 baht on Nov 29, representing growth of 905%. On Tuesday at 2.30pm, the price dropped to 9.90 baht.
Bitkub formed several business partnerships with large companies and agencies such as SCBx Group, The Mall Group and the Tourism Authority of Thailand, which the exchange estimates has increased investor confidence in it.
Nearly 3 million investors have opened trading accounts with Bitkub.
The exchange also ranked first as the most downloaded application in Thailand as of Tuesday.
A source in the digital asset exchange industry who requested anonymity said the sudden surge by the three coins can be attributed to a great increase in public awareness of cryptocurrency trading.
The source said there are many investment gurus and experts providing crypto investment knowledge on social media, allowing investors access to data.
KUB is a blockchain network designed by Bitkub Technology to enable rapid transaction confirmation and low fees. KUB can be utilised as a Gas Fee on the Bitkub Chain and traded for Fee Credit on Bitkub exchanges.
JayMart Group's JFIN is a decentralised lending platform built using blockchain technology that allows lower costs and more convenient procedures.
JFIN recently announced cooperation with BTS Group Holdings to receive JFIN Coin as payment.
SIX, or Six Network, is a system built to support direct payment for goods and services for the developers. As a result, the costs charged by middlemen are reduced, allowing more money to reach developers.