XSpring has obtained all 4 Digital Asset Licenses from he Ministry of Finance
XSpring has obtained all 4 Digital Asset Licenses from he 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 Digital has acquired 4 additional licenses, ready to commence the following services in Q1, 2022: cryptocurrency broker, digital token broker, cryptocurrency dealer, and digital token dealer. Combined with ICO Portal, XSpring has already obtained 4 licenses and 1 ICO Portal, becoming the first company in Thailand to receive a complete set of 5 digital asset licenses.
• Moving ahead to provide an integrated, one-stop digital finance service, covering transactions in both primary and secondary marketplaces.
• Borderless transactions through connecting global digital asset exchange platforms, readying to serve investors in all their needs in one place.
XSpring Capital Public Co., Ltd. (XPG) today announces that XSpring Digital, its subsidiary company, has officially been granted 4 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.
Ms. Warangkana Akharathaphon, President of XSpring Capital Public Co., Ltd., said “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 through 3 key strengths – partnership, a strong recapitalized 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 has 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 give extra emphasis to, to better serve the current financial market needs, it will achieve this 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 was fully subscribed by investors.
Today, XSpring Digital has officially won 4 additional licenses and will be readied to commence the following services in the first quarter of 2022: 1. Cryptocurrency Broker 2. Digital Token Broker 3. Cryptocurrency Dealer and 4. Digital Token Dealer. This has enabled 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. After this, we will develop various digital platforms including websites and applications to facilitate all cryptocurrencies and digital tokens transactions in one place, utilizing 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,” Warangkana said.
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 6-months period totaled 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, signaling 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 witness a jump of revenues in 2022.
Furthermore, XSpring Capital has several strategic partnerships that will be instrumental in its drive toward accomplishing its 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. This will be accomplished through utilizing advanced digital technology to enable everyone to conveniently access the world of finance and investment, while laying down a strong foundation through the development of a digital asset ecosystem in Thailand that will leapfrog the Kingdom to establish itself as a global prototype in this industry.