Thai Bank Kasikorn Launches DeFi KX Focused Incubation Company and NFT Coral Platform

KBTG, the tech company of Thailand's second largest bank, Kasikorn Bank (KBank), has announced the launch of its NFT art platform, Coral, with KX, a DeFi-focused incubator. Coral is based on Ethereum and will be released later this year, with the ultimate goal of supporting investments in the arts.

Thanaarmates Arriyavat, head of business investments at KX, said users will be able to purchase Coral's NFT art collection using legal tender such as Thai baht or US dollar.

In early 2020, KBTG began discussing KX's plans. KX announced its first digital product, KUBIX, a digital products company, in March of this year. Essentially, KUBIX is a digital security website which complies with the requirements of the Office of Safety and Security of Thailand and now operates the ICO portal. However, in Thailand the word ICO has a different meaning than illegal ICOs which were popular in 2017/2018.

KUBIX inspects developers and evaluates trading plans, including reviewing reports before submitting them to the Thailand Securities and Exchange Commission.

KBTG has also partnered with the Stock Exchange of Thailand (SET) to start trading digital assets later this year. KBTG is a technology partner.

Kaspersky Bank is not the only Thai bank to support blockchain technology.

Siam Commercial Bank (Siam Commercial Bank), Thailand's third largest bank, established its risk offering for SCB 10X in early 2020. In February of this year, it announced digital assets at $ 50 million and a DeFi capital, and the CP group formed a joint venture. He also formed a new holding company, SCBx, to complete the transition to the technology team.

Two banks have been recognized in Thai electricity. In October of last year, the platform announced more than US $ 300 million in approvals using blockchain technology.