Thailand’s Property Developers Adopt Cryptocurrency

• Sommana Yan
• 20 July 2021
• International News
• 2688 Views

Some property developers in Thailand have allowed buyers to use cryptocurrency to pay for their home purchases, reflecting Thailand’s real estate market’s moves toward the digital economy.

The firms taking the lead in this project include AssetWise, SC Asset Cooperation Plc, and Sansiri Plc, according to the Bangkok Post in June.

The project aims to boost residential sales as well as tapping into a new generation of buyers, given the market slowdown and travel obstacles.

Chief Executive of SET-listed developer AssetWise (ASW) Kromchet Vipanpong told the Bangkok Post that his firm has joined hands with Bitkub Capital Group Holdings to launch a digital currency exchange service for home purchases.

“We want to have a variety of money transfer channels in addition to cash, bank transfers and credit cards,” he said. “Our customers can use cryptocurrencies for payments and the fee is lower than credit cards at only 0.25% compared with 2-3%.”

The partnership with Bitkub will help it expand to a new market – a younger generation familiar with digital money, he said.

Bitkub Capital Group Holdings is the country’s largest local digital exchange, with the number of applicants for trading accounts totalling more than 1.5 million and a maximum trading volume of over 1.2 billion baht per day.

• Business and Market