At the beginning of this year, the cryptocurrency market was still in a bull market, and investors in the market were also very active. Bitcoin, which exceeded $40,000 several times, attracted many newcomers to the circle. However, the huge trading volume generated by the bull market also brought additional system burdens to many trading service platforms in the market.
Bitkub, Thailand's leading cryptocurrency exchange, announced on February 5 that new user registration would be temporarily suspended. Last month, the trading volume in the bull market surged, exceeding the platform’s capacity, and the online service crashed three times, followed by a temporary suspension of service and system maintenance. The U.S. Securities and Exchange Commission(SEC) also asked the company not to serve new customers until it can guarantee that its trading system can accommodate existing trading activities.
Bitkub claims to be the largest cryptocurrency exchange in Thailand, with a 90% domestic market share and considerable enterprise scale, but the platform still cannot bear the surge of spot trading demand accompanied by the bull market. As such, the potential transaction demand in the Thai cryptocurrency market may be far greater than most service providers expect.
Faced with the sudden increase in spot trading volume and demand, Bityard, a cryptocurrency derivatives exchange established in Singapore in 2019, has therefore launched a global spot trading function to service investors, including Thai investors, to make up for unsatisfied trading demands in the Thai market.
At the end of last year, Bityard recognized the advent of a bull market and rapidly growing spot trading volume. With the world’s leading spot exchange Binance as its liquidity provider, it has launched over 45 mainstream and popular currency trading pairs of spot trading services. Both currency selection and liquidity have outstanding trading levels, providing Thailand and other countries with a new and reliable spot trading entrance.
In addition, in order to fully implement the company's localization strategy all over the world, Bityard has signed the Muay Thai superstar Buakaw Banchamek as a brand ambassador to deepen its presence in the Thai market and enhance user stickiness. Buakaw Banchamek, as a strong and well-known Muay Thai fighter, has won more than 230 victories in about 260 international Muay Thai competitions from 2000 to 2019. In early 2020, he was regarded as one of Thailand’s top three favourite male athletes in 2019. Since its establishment, Bityard has chosen to cooperate with Buakaw Banchamek, which also symbolizes the development momentum and potential of the company.
In addition to Thailand, Bityard also serves investors from over 150 countries around the world, providing these investors with safe and compliant cryptocurrency trading services, accelerating the company's international layout.