NFTs are grabbing the attention of every artist and crypto enthusiast. Today, the subsidiary of Kasikorn Bank, the second-largest bank in Thailand, released an NFT marketplace named Coral, which is a part of the KASIKORN X (KX). KX has a list of plans to implement in Decentralized Finance (DeFi).
In early 2020, the bank had been in the headlines for its plans for KX. It has a technology subsidiary KBTG. During the March of this year, KX came out with its first service, digital assets subsidiary KUBIX. KUBIX is a platform specifically for security tokens and works fully under Thai Securities and Exchange Commission (SEC) rules.
The company operates an ICO Portal, but it is not the same as what unregulated ICOs we had in 2017-18.
Kasikorn Bank’s plans
The main task of Kasikorn Bank’s KUBIX is to screen issuers and assess business plans like reviewing draft prospectuses before their submission to the Thai SEC.
The Coral has featured many talented Thailand artists on its platform. They include the professional painter Benzilla, Ekachai MIlintapas, director of digital art & animation at a university Jiggy Bug, visionary artist and motion designer Pai Lactobacillus, Pomme Chan, surrealism artist Puntitabow, famous writer and artist Songsin Tiewsomboon, Tikkywow, and psychedelic pop artist TU!!.
Along with this, KBTG, being the technology partner, has joined hands with the Stock Exchange of Thailand (SET) to release digital asset trading at the end of 2021.
Blockchain adoption in Thailand
Kasikorn Bank is not alone in this Thai banks’ drive of increasing blockchain adoption. In February 2020, the Siam Commercial Bank created a venture division SCB 10X and announced a $50 million digital asset and DeFi fund. In September, Thai conglomerate CP Group announced a $600 to $800 million blockchain fund.
The company has also built a new holding company SCBx, becoming a technology group.
Interestingly, both the banks are under the Thai electronic Letter of Guarantee that uses blockchain technology.