Shareholders Letter 2024

To our Valued Shareholders,

As the year 2024 draws to a close, I would like to take this opportunity to share with you some of the key developments and achievements of Bitkub.

Throwback to the global landscape

Investors in 2024 faced global inflation and geopolitical instability. While central banks like the US Federal Reserve navigated these obstacles, the IMF projects that the worldwide inflation battle is almost done. From 9.4% in Q3 2022, headline inflation is predicted to drop to 3.5% by 2025.

– This suggests potential for easing monetary policy. –

Though there were challenges, the crypto market of 2024 was eventful. Spot Bitcoin ETFs authorised Bitcoin for institutional and traditional finance. Bitcoin’s fourth halving in April brought attention to its scarcity and long-term future.

More institutional involvement helps the market to stabilise and develop.

Donald Trump’s comeback could pave the way for a crypto-friendly future in the US. For instance, Senator Cynthia Lummis proposed a bill that required the Treasury to buy 200,000 BTC yearly for five years. This one million BTC accounts for 5% of the Bitcoin total supply.

If this national strategic Bitcoin reserve bill becomes a reality, we will enter a new era of digital assets as the rest of the world likely starts accumulating Bitcoin to front-run the United States. Imagine that — a worldwide gold rush for digital assets!

Navigating the Thai Regulatory Landscape

Here in Thailand, we still see a lot of interest in innovations. The Bank of Thailand (BOT) maintains a cautious stance, particularly regarding the use of cryptocurrencies as a means of payment, citing concerns about volatility and financial stability.

However, the BOT and the SEC also recognise the potential of blockchain technology and have introduced initiatives like the Enhanced Regulatory Sandbox to allow for controlled experimentation. This shows they’re finding a middle ground between rules and new ideas in digital assets.

Crypto payments restrictions could limit our revenue. But the focus on regulatory compliance can solidify our industry’s reputation as a trusted and reliable platform, attracting users seeking security.

Among the three permissioned banks, we are the only startup developing a programmable Thai Baht stablecoin for the country. Ultimately, it’s about balancing compliance and innovation to maintain our market leadership.

We’re not just some fly-by-night operation here. We’re Bitkub anyway — we love a good challenge!

2024: Celebrating Our Achievements

Industry Recognition

Speaking of Bitkub, we had a fantastic year! We’ve got an amazing team of experts in finance, technology, and customer service. They’re the real MVPs behind our success.

I am proud to share that 2024 has been a year of unprecedented recognition and expansion for Bitkub. Our commitment and culture at Bitkub have been acknowledged through more than 20 prestigious awards from government institutions and private sector organisations. To highlight a few:

— Thai Capital Market, Sharing Knowledge Initiative with the People”: Financial Literacy Sharing from the Securities and Exchange Commission (SEC)

— Top 50 Companies in Thailand 2024 from WorkVenture

— Top Most Attractive Companies 2024 and Thailand Most Attractive People To Work For 2024 from QGEN Survey

— Thailand Digital Excellence Awards 2024: AI Process Innovation from the Thailand Management Association (TMA)

— 7 Awards: TCCTA Contact Center Awards 2024 from the Thai Contact Center Trade Association (TCCTA)

— CC-APAC Regional Awards 2024: Customer Experience from the Contact Center Association of Asia Pacific (CC-APAC)

— CTC Creative Business Awards 2024: Creative Leader Awards and Creative Business Awards from the Creative Talk

These awards highlight our team’s talent, innovation, and commitment to compliance and security. For details, please see our Facebook post.

Product Expansion

The financial services landscape is rapidly evolving, driven by technological advancements and changing consumer preferences. Throughout 2024, we expanded our product range to meet emerging market needs and drive future growth.

Bitkub Exchange saw key improvements in user experience, accessibility, and transparency.

— Launched Bitkub Saver Package, a subscription package that lets customers save more on trading fees.

— Implemented Passkey, a passwordless authentication method that uses device authentication.

— Implemented Near Field Communication (NFC) Verification, enabling customers to scan their passports using their smartphone or tablet.

— Launched our dedicated 24/7 Customer Support Center (1518), enhancing user experience.

— Launched Proof of Reserve, providing real-time transparency, now live on CoinMarketCap.

Bitkub Blockchain Technology achieved significant milestones in transaction volume and speed, while also expanding its ecosystem and token utility.

— Surpassed 5 billion total transactions, reaching a transaction speed of 5,000 transactions per second or 25,000 transactions per block.

— Launched NFI Space to capitalise on the digital collectables trend.

— Introduced Bitkub Point, a loyalty program enabling users to earn points redeemable for various Bitkub Group products.

— Launched gKUB, a token empowering KUB holders to vote, participate in activities, and propose changes to Bitkub Chain’s direction.

— Listed KUB coin on Bitget, a major global exchange, to boost market presence and liquidity.

Bitkub Academy continues to provide valuable educational resources.

— Initiated Bitkub Insight Live, a digital asset trend analysis.

— Initiated Whale Insight, an in-depth digital asset investment report.

— Launched the new WEB3 Book, a guide to the next Internet revolution.

— Launched BullRun Masterclass, an easy-to-understand course in collaboration with K’Paul Pattarapon.

Bitkub Moonshot is focused on developing cutting-edge AI solutions and enhancing user interaction.

— Developed our AI enterprise solutions, positioning us at the forefront of technological innovation.

— Developed new S-curve projects to diversify incoming revenue streams.

— Implemented gamification elements, increasing user engagement.

Bitkub Portal fosters innovation and growth in the Thai digital assets ecosystem.

Beyond product development, we achieved a significant regulatory milestone by securing an ICO Portal license from the Securities and Exchange Commission of Thailand. Bitkub Portal can now facilitate Initial Coin Offerings (ICOs) for promising projects. This new capability expands our service offerings and positions us as a trusted partner for both investors and project developers.

Community Engagement

We actively engaged with the broader community through hosting and co-hosting numerous events, culminating in our first-ever summit. These events fostered valuable connections, knowledge sharing, and industry collaboration.

In a first for our company, we organised “MAMAHRATHON” a charity run dedicated to supporting dogs in need. This event promoted physical well-being and showed our commitment to social responsibility. Notably, we also utilised NFTs as a method for purchasing tickets and as a unique commemorative medal for finishers.

This past year, we deepened our connection with our valued customers through 50+ events, including meetups, road shows, and other impactful events. We listened to their feedback, exchanged ideas, and strengthened our community bonds. These events offered a platform for industry experts to share their knowledge, enhancing the experience for our customers.

Furthermore, we were honoured to collaborate with ETHGlobal in hosting Devcon 7, the world’s largest annual blockchain event. This prestigious gathering had top developers, entrepreneurs, and tech fans from all over the world coming together to show the latest and greatest in blockchain tech. Our participation at Devcon strengthened our dedication to innovation and collaboration in the global blockchain community. To further leverage international engagement after Devcon 7, we are thrilled to present “Moodeng” on a billboard in Times Square. This exciting initiative, in partnership with Khao Kheow Open Zoo, aims to attract foreign visitors and significantly boost Thailand’s tourism and economy by the end of the year.

A particular highlight was the successful hosting of our first-ever Bitkub Summit 2024, “Gateway to the Future,” which brought together over 60 industry leaders, regulators, and innovators, inspiring over 22,000 attendees with 70+ million viewership online. We couldn’t have done it without the generous support from our title sponsor AWS, and of course, our amazing sponsors, partners, media, and KOLs. At this largest event in our company’s history, I proudly announced K’Mew as our new brand ambassador.

Bitkub Summit, along with numerous other hosted and co-hosted events, has established us as a thought leader in the fintech space.

Strategic Partnerships

Our strategic partnerships have expanded significantly, with over 30 new collaborations enriching our ecosystem. Our network of strategic partnerships with leading organisations across various sectors provides us with a strong foundation for growth.

— Bitkub Group X Vision Ambassadors, WorldBridge Group

— Bitkub Exchange & Bitkub Academy X Tether, Aethir, Aptos, CARV, Celo, Coin98, deBridge, Gravity, HBAR Foundation, Heroes of Mavia, ICP, Injective, JFIN, Kaia, LeisureMeta, Lukso, MARBLEX, Orderly Network, Puffer, Ronin, TRON, WOO, Zentry, ZetaChain, Zircuit

— Bitkub Exchange X Coinbase, Bitgo, Rakkar (Hong Kong)

— Bitkub Chain X Galxe, Hollywood (Thailand), One Asia

— Bitkub Academy X LearnCloud, Tiger Research

These collaborations enable us to expand our reach, access new markets, and use our different skills to help each other.

Looking Ahead: Building for the Future

As we move forward, we’re on track to become the first truly Thai-owned tech company listed on the Thai Stock Exchange. We have successfully fulfilled all the requirements, including compliance with International Financial Reporting Standards (IFRS), and achieved the profit and market cap test.

“Bitkub Exchange will be a public company by the end of 2025.”

And we’re not stopping there! We’re actively expanding our presence across the region, and becoming the go-to place for all the financial tools you need in this digital world. We’re ready to make our legacy in Hong Kong, Cambodia, and Laos.

None of these achievements would have been possible without the trust and support of our shareholders, the dedication of our employees, and the loyalty of our customers.

Your belief in our vision has been instrumental in our success.

As we look towards 2025, we do so with anticipation and readiness. We believe that the cryptocurrency industry enters a golden year every four years, the next being 2025.

We have meticulously prepared for this moment, strategically positioning ourselves to capitalise on opportunities as the tide shifts. We’re ready to ride that wave and continue creating value for all our stakeholders while maintaining the highest standards of corporate governance and technological excellence.

Thank you for being part of the Bitkub journey!

Sincerely,
Topp Jirayut Srupsrisopa
Founder and Group CEO of Bitkub Capital Group Holdings Co., Ltd.

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*เนื้อหาดังกล่าวจัดทำโดยบริษัท บิทคับ แคปปิตอล กรุ๊ป โฮลดิ้งส์ จำกัด ซึ่งไม่ใช่ผู้ประกอบธุรกิจภายใต้การกำกับดูแลของสำนักงาน ก.ล.ต