Bitget plans to acquire a licensed crypto exchange in Thailand as it expands its presence in Southeast Asia.
The deal involves Bangkok-based GMO-Z.com Cryptonomics, which operates a digital asset exchange and brokerage.
Bitget intends to acquire the company through its interest in Thailand’s BTGT Management.
GMO Internet and its subsidiary GMO-Z.com Holdings will sell their entire stake in the exchange to BTGT Management or its designated buyer alongside other shareholders.
The transaction remains subject to regulatory approval and other closing conditions.
Gracy Chen, CEO of Bitget, said,
“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.”
Once the deal is completed and regulators approve the change of control, Bitget plans to introduce its trading platform to Thai users in compliance with local regulations.
Featured image: Edited by Fintech News Singapore, based on image by muravev via Magnific
