Origin Property Plc (ORI), a mid-sized residential property development firm, saw its shares surge by more than 13 per cent Monday morning after it said it would start accepting payment in cryptocurrency.
Shares of ORI surged to a two-year high of 10.40 baht during morning trading, despite a gloomy property sector in the country, after the company reported that it had joined hands with Bitkub Capital Group Holding (Bitkub) to accept various cryptocurrencies to help sell its low- and high-rise projects.
The company said it started to accept crypto since June 4, in a bid to help buyers domestically and internationally to purchase their units without any trace.
Chief executive Peerapong Jaroon-Ek said move would help ORI go to the “next level” and would be applicable to all of ORI’s projects. Ethereum, Tether UDS and Bitcoin would be acceptable, he said.
ORI is not the first property developer to announce the use of cryptocurrency. Sansiri Plc (SIRI) said to May 17 it was looking to get into crypto and has seen its shares rise around 38 per cent since then.
Monday’s statement pushed shares of ORI to be the sixth most-traded shares in the morning session, with more than 82 million shares changing hands.