Thailand-based digital assets exchange company Satang Pro is accelerating its fundraising to strengthen its reserves. The company expects to raise 60 million baht by the end of this year.
Local media in Thailand reported that Satang Pro decided to raise more funds as the valuation of its digital asset is growing higher than expected due to the recent announcement of BX’s closure by the end of September 2019.
BX is one of Satang Pro’s competitors, owned by Bitcoin Company Limited. It is also Thailand’s first and largest crypto exchange service provider.
Poramin Insom, CEO of Satang Pro, told local media that the 60 million baht will be used to bolster the company’s reserves and liquidity with a net capital (NC) that meets the new regulatory requirement of Thailand’s Securities and Exchange Commission (SEC).
“We have to raise enough funds to bolster our reserves within the next three months. According to our calculation, 60 million baht will be enough with 1% allocated for cold wallet funds, and 5% for hot wallets, which will be enforced next year,” said Poramin.
According to the amended requirements of the SEC, any crypto trading service providers in Thailand must have a reserve with an NC of not less than 15 million baht or 5% of asset value that is reserved in its hot wallet, in addition to 1% of the asset value that is reserved in its cold wallet. Also, local digital asset companies are required to submit daily and monthly reports of their NC to the SEC.
