Binance ends eyes on Thailand to foster the adoption of cryptocurrencies in the South Asian market in a way that may alter the future of digital assets in the region.
The company has high ambitions of reaching 1 billion users with the help of a strategy to promote cryptocurrency in the Thai market.
Binance’s Chief Marketing Officer, Rachel Conlan, commented that the company's ownership is expanding into Thailand because they consider it a key strategic market for their growth.
An Important Market
During the Binance Blockchain Week, Conlan elucidated that the top focus market for Binance is Asia as the country has many early crypto adopters.
The director also noted that the Southeast Asian country has been the trailblazer in the way of digital currency as Thailand is on the right path to implementing regulations concerning crypto.
“I think that is what ultimately is going to help this industry thrive and drive forward," Conlan noted.
The Situation of High Crypto Adoption Levels
Conlan observed that one of the key things that help determine why the region is targeted by Binance in its expansion plans is the high rate of penetration.
While overall global crypto penetration is relatively low at 6%, Conlain stated that in Thailand’s case, it is much higher at 12%.
With Bitcoin still growing in adoption and use, it is perhaps not surprising that Conlain noted that this form of currency is not used massively around the globe even though it has been in existence for many years.
Today, the crypto platform has a presence in more than 100 markets globally and has over 240 million customers. What’s more, the crypto firm is constantly expanding its business as more than 60 million new customers were registered within a span of more than six months.
Binance Moving to Expand It's Operations in Thailand
In recent months, Thailand has already been mulling plans to develop into a crypto hub and Binance’s expansion in Thailand would be a fitting step towards such development.
Earlier in October, Nares Laopannarai while speaking on behalf of the Thailand’s Digital Asset Association also said that ‘it is possible’ for Thailand to become a crypto center, if appropriate development policies which are currently lacking, get implemented.
Vice versa, Laopannarai stated that Thailand must embrace the balance between conventional finance and its technology in order to provide competitiveness to the region and positions itself as a digital asset hub.
He said that currently Thailand is already embarking in that direction, becoming less regulatory and more supportive.