BANGKOK -- Thailand's oldest banking group will not proceed with a deal to acquire Bitkub Online, the country's leading cryptocurrency exchange, both companies announced on Thursday.
SCB X, parent company of the kingdom's fourth-largest bank, Siam Commercial Bank, would have acquired 51% of Bitkub shares at a price of 17.8 billion baht ($496 million). The deal pegged Bitkub's valuation at 35 billion baht ($1 billion), making it Thailand's second unicorn.
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