Bitget Expands Into Thailand With Acquisition of Licensed Crypto Exchange

Bitget is planning to expand in Southeast Asia via an acquisition in Thailand.Bitget is in talks to expand in Southeast Asia with an acquisition in Thailand. The crypto exchange will absorb a Bangkok-based digital asset trading and brokerage company, GMO-Z.com Cryptonomics (Thailand) Co., Ltd. The agreement may provide a way for Bitget to enter the Thai market via an existing local broker.

Bitget Targets Thailand Expansion Through Acquisition

Bitget will buy the shares of the Thai company via its subsidiary, BTGT Management (Thailand) Ltd. Meanwhile, GMO Internet, Inc. and its subsidiary, GMO-Z.com Holdings (Thailand) Co., Ltd., will transfer all of their shares to either BTGT Management or an entity that BTGT Management designates.

The pact, however, is not yet complete. The sale and purchase transaction is subject to the necessary regulatory approvals and other conditions contained in the sale and purchase agreement.

GMO-Z.com Cryptonomics has just recently launched a crypto exchange and a digital asset brokerage service under Thai licenses. The acquisition would enable Bitget to enter the market with an existing local operation, instead of having to establish a new one.

Gracy Chen Spotlights Local Market Strategy & Expansion Plans

Bitget’s planned move comes as the company explores opportunities across Southeast Asia. At the same time, there is a rising appetite for digital financial services in the region, and individual markets have different types of regulatory requirements.

“Building a presence in a market requires local expertise, an understanding of the regulatory environment and a long-term commitment to the market,” stated Bitget CEO Gracy Chen.

She added, “Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country. Our priority is to develop the right operational foundation while bringing Bitget’s global experience and capabilities to the market.”

The deal may provide Bitget with local expertise and already established customers. Also it fits in with the company’s strategy for expanding to global markets whilst respecting national regulations.

After the closing of the transaction and regulatory approval of the change of control, Bitget plans to launch its trading platform in Thailand. The rollout would provide the national market with the exchange’s trading services within the framework of the relevant laws in Thailand.

The proposed acquisition is pending relevant approvals until those are obtained. Completion of its would be a possible milestone in Bitget’s regional expansion strategy.