A leading public blockchain platform in Thailand, Bitkub Chain, is strategically navigating its expansion in the Southeast Asian region through a comprehensive compliance approach and concerted efforts to enhance its growth. We talked to the CEO of Bitkub Blockchain Technology Co., Ltd. (“BBT”), the developer of Bitkub Chain who emphasized that their primary growth strategy revolves around complying with the complex regulations spanning Southeast Asian countries. “It also involves careful market assessment, rigorous risk management, and tackling the challenges of sustaining user engagement,” BBT CEO Passakorn Pannok said.
Below is the full Q&A with BBT CEO Passakorn Pannok:
Q: What are you looking for in evaluating market entry in Southeast Asia and why is it an attractive region for expansion?
A: Our expansion priority focuses on countries where users exhibit knowledge about Web3, blockchain, and digital assets, along with demonstrated success cases. Southeast Asian nations have consistently ranked high in global blockchain adoption. Notably, Vietnam, the Philippines, and Thailand secured spots in the Top 10 of Chainalysis' recent Global Crypto Adoption Index. Additionally, we are actively monitoring impactful campaigns, partnerships, or collaborations that enhance practical business applications.
The Philippines, for example, will be a strategic target, due to their large population, which will be open to new technologies, DeFi, etc. Aside from that, we aim to reach the top #20 exchanges worldwide.
Q: How is BBT actively pursuing partnerships or collaborations to facilitate its regional expansion?
A: We recently collaborated with WOO X and Bybit, listing the KUB coin, and a partnership with SIX Network aimed at bolstering NFT utilization on Bitkub Chain. SIX Network's contribution to Bitkub Chain lies in NFT Gen 2, by elevating the practical value of NFTs and enabling their implementation in real-world business activities. With a focus on the digital economy, SIX Network utilizes blockchain and smart contracts to establish decentralized financial services.
These collaborations are crucial for Bitkub Chain's expansion in the region, intending to facilitate easier buying and selling of the KUB coin on digital asset exchanges internationally and enhance accessibility to Game on Blockchain and DeFi platforms within the Bitkub Chain Ecosystem.
Q: What strategies are in place to manage risks during expansion?
A: Risk assessment and mitigation will be conducted by studying the regulations of each country, and we will consult a reliable legal firm in those countries where we will expand seriously. On top of conducting thorough market research to understand consumer behavior in Southeast Asian countries, we make sure to stay compliant with evolving regulations. For example, Thailand's Securities and Exchange Commission (SEC) announced and updated its regulations regarding digital assets. These criterias are the main guidelines for businesses operating in the digital asset space. BBT ensures adherence to these regulations as part of its risk mitigation approach during its expansion efforts.
Q: What are Bitkub Chain's strengths and weaknesses in the SEA GameFi/NFT market, and how does the team plan to tackle them?
A: BBT excels in the games on the blockchain/NFT market in the SEA region through Morning Moon Village, Dice Kingdom, and UnsleepSheep Racing. Similar to other protocols, the main challenge is sustaining high player engagement after the games have been launched. To retain existing users and attract new ones consistently, a campaign incentivizing gameplay with the game's token on the Bitkub Chain needs to be established. Additionally, on the Bitkub Chain, "Dropzone," a tool, has been launched to attract new users to projects within the Bitkub Chain ecosystem.
Bitkub Exchange, which is part of Bitkub Group of Companies, has listed the WOO token. Bitkub Exchange holds a bulk market share in Thailand. Meanwhile, Thailand is among the top three countries in the Chainalysis 2023 Global Crypto Adoption Index, leading crypto adoption growth in the Southeast Asian region.
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