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Thailand’s only gaming software firm – Asia Soft Corporation Plc (AS), has announced that it was forming a 50:50 joint-venture with embattled cryptocurrency – Bitkub to develop ecosystem of blockchain gaming in Thailand.
AS, which is the premier online gaming provider in Thailand, announced in a statement to the Stock Exchange of Thailand (SET) that it was forming the joint-venture with a capital base of 20 million Baht and would have equal representation from Bitkub and AS on the board of directors.
The aim, AS said was to develop full ecosystem of blockchain gaming platform in order to transform conventional game model to new game model, which is Hybrid GameFi, including purchasing online game license from developers to provide services under the ecosystem.
AS reported to the SET that they already have established Kubplay Entertainment Co., Ltd. With Bitkub Ventures Co., Ltd., holding 50% of shares. (Bitkub Ventures Co., Ltd. is an affiliated company of Bitkub Capital Group Holdings Co., Ltd.)
Bitkub has recently been in the news for all the wrong reasons, after many of the previous deals it was undertaking has fallen apart.
The Securities & Exchange Commission (SEC) slapped a fine on August 31 this year on one of its executives after it was found that the executive had undertaken an insider trading.
Prior to that Bitkub saw a 17.8 billion Baht deal to form sell 50% of its stake to SCBx Plc (SCB) fall apart as the global rout in cryptocurrencies continues to wreak havoc to the industry.
Link to the story on the problems of Bitkub.
Bitkub was trade at just over 52 Baht per coin in early trade this morning, down more than 80% from the value it was trading at just about a year ago.