Making the world crypto market your oyster

Making the world crypto market your oyster

XSpring has obtained all four Digital Asset Licenses from the Ministry of Finance, under the supervision of the SEC, readying to offer an integrated, one-stop digital finance service that connects seamlessly with global exchange platforms.

XSpring Capital Public Co., Ltd. (XPG) announced on 30 November that XSpring Digital, its subsidiary company, has officially been granted four licenses comprising of: 1. Cryptocurrency Brokerage License 2. Digital Token Brokerage License 3. Cryptocurrency Dealer License and 4. Digital Token Dealer License.

Furthermore, the company has been approved by the Office of the Securities and Exchange Commission (SEC) to operate as an initial coin offering (ICO) portal.

The company is stepping ahead to become one of the first “one-stop” providers of digital finance and investment services in Thailand, operating with a strong capital base of over THB10,000 million, readying to capture the growth of digital finance markets worldwide which is expected to exceed 40 trillion baht in 2022.

“In August 2021, we announced our business plan to step into the finance and securities business as an integrated financial service provider and leverage our financial expertise toward digital finance services,” explained Ms. Warangkana Akharathaphon, President of XSpring Capital Public Co., Ltd. “We aimed to do that through three key strengths – partnership, a strong recapitalised base, and a full set of licenses that enable us to provide an integrated range of services to investors.”

“XSpring previously had a shareholder capital of 3,094 million and recently raised funds by another THB7,111 million, establishing a strong financial position and ample liquidity with capital on hand exceeding THB10 billion.”

“The company is shifting up a gear to pursue its business development plans, especially in the digital asset business, one of its core businesses that it will place extra emphasis on, to better serve the current financial market needs.” This will be achieved by focusing on the development of digital investment platforms and creating a financial service ecosystem via its digital business subsidiary, XSpring Digital Co., Ltd.”

Following the capital increase, XSpring has steered ahead at full steam with its “Transformation & Leap Forward” business plan, one part of which is XSpring Digital’s winning of the ICO Portal license from the SEC and also its recent public offering of “SiriHub Investment Tokens”, Thailand’s first real estate backed ICO under the supervision of the SEC. The process was highly successful and fully subscribed by investors.

The four new licences enable the company to offer integrated, one-stop, digital finance and investment services to investors who will be able to trade both cryptocurrencies and digital tokens, in both primary and secondary markets, through a single service provider.

“XSpring Digital’s One-Stop Service connects digital asset exchange platforms both in Thailand and overseas, providing convenience to investors so they don’t have to open accounts with other exchanges,” adds Ms. Warangkana.

“After this, we will develop various digital platforms including websites and applications to facilitate all cryptocurrencies and digital tokens transactions in one place, utilising a user-friendly interface to allow investors to conveniently trade digital assets from anywhere, around-the-clock. Investors will be able to conveniently monitor their portfolios regardless of the transactions being pursued on the primary or on the secondary marketplaces of XSpring’s partners.”

XSpring Capital reported a satisfactory operating result during the first half of 2021. XSpring’s income, including share of profits from joint investment companies, in the six-months period totalled THB167 million, higher than the THB141 million booked for the entire 2020. It recorded a net profit of THB65 million, up by a staggering 791% from a year ago, signalling a clear and positive trend. Therefore, the company is confident that with this solid business plan, it will be able to consistently raise its revenues and profits and expect to boost revenues in 2022.

Several strategic partnerships will be instrumental in driving toward accomplishing the goal of becoming a leading provider of integrated finance and investment services that will transform the traditional world of finance and investment into the digital finance and investment of the future. Advanced digital technology will enable everyone to conveniently access the world of finance and investment and a strong foundation will be laid down through the development of a digital asset ecosystem in Thailand that will leapfrog the country to establish itself as a global prototype in this industry.

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