Property Developers in Thailand are Using Cryptocurrency

Compass Cambodia report, July 21th - In the face of a slowing real estate market and travel barriers, developers are turning to digital tools to enhance residential sales from both domestic and international demand, as well as to reach out to a new generation of customers by offering bitcoin sales.

AssetWise (ASW), a SET-listed developer, announced that it has partnered with Thai cryptocurrency business Bitkub Capital Group Holdings to establish a digital currency conversion service for home purchases, according to Bangkok Post newspaper business section last month.

"We want to have a variety of money transfer channels in addition to cash, bank transfers and credit cards," he said. "Our customers can use cryptocurrencies for payments and the fee is lower than credit cards at only 0.25% compared with 2-3%."

Mr Kromchet stated that the cooperation with Bitkub will enable it to reach a new market, namely a younger generation that is conversant with digital currency.

Bitkub is the country's largest domestic digital exchange, with more than 1.5 million applicants for trading accounts and a daily trading volume of more than 1.2 billion baht.

ASW last month established Digitonize Co to examine potential in the digital asset market, which reached US$1.64 trillion (52 trillion baht) globally and 213 billion baht in Thailand in May 2021, up from 165 billion baht in April.

Customers will be able to pay for property purchases and common area costs with four digital currencies offered through Bitazza, a local digital asset dealer, starting in July.

Source: Compass Cambodia comprehensive arrangement

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