Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Bangkok Post
Bangkok Post
Business

TrueMoney, Merkle offer crypto investment

From left are Kannithi Tongtanagoon, chief investment officer of Merkle Capital, Nutthawadee Sae-Iah, head of wealth and business innovation at Ascend Money, with Mr Akradej and Mr Tanyapong.

TrueMoney, a major digital financial service provider in Asean, has partnered with Merkle Capital, a local digital asset management firm, to enable users to invest in cryptocurrency through TrueMoney Wallet, the first time Thai consumers can make such an investment through an e-wallet.

TrueMoney expects between 100,000 and 200,000 of its 24 million e-wallet users will invest through its platform.

TrueMoney operates under Ascend Money, the digital payment and financial service unicorn of Charoen Pokphand Group's online business arm Ascend Group, while Merkle Capital operates under Cryptomind Group Holdings, a pioneer in digital asset services and investment product development.

"Partnering with TrueMoney paves the way for a new journey in digital asset investment. It is the first time Thais can invest in digital assets via an e-wallet," Akradej Diawpanich, chief executive of Merkle Capital, said at a hybrid press conference.

"We have seen a lot of interest and demand for digital asset investment from Thais, but they remain unfamiliar with the subject."

This partnership opens the door for an investment alternative in response to that demand, providing retail investors the opportunity to access digital asset funds easily, said Mr Akradej.

Users can open a crypto port via TrueMoney Wallet and invest, starting with 3,000 baht, he said.

Merkle Capital provides four plans for the investment.

The first is called M-Bitcoin Alpha, which fully invests in Bitcoin, while the second is M-Large Cap, which centres on investment in blue chips, the top of the asset class in the crypto market.

The third option is called M-Blockchain, which offers investment in digital assets linked with blockchain infrastructure and smart contract platforms.

The fourth is called M-Metaverse, which concerns investment in digital assets associated with the metaverse and platforms involving games and non-fungible tokens.

Sanjay Popli, co-founder and chief executive of Cryptomind, said there are about 3 million cryptocurrency investors in Thailand.

Through the collaboration with TrueMoney, Merkle expects to see investors invest 3,000 to 30,000 baht in cryptocurrency through TrueMoney Wallet.

This should complement Cryptomind's business, which currently reports crypto investment of 500,000-2 million baht by its customers, Mr Sanjay said. He said the company manages 1.5 billion baht worth of digital assets and expects to reach 5 billion by the end of this year.

Tanyapong Thamavaranukupt, co-president of Ascend Money, said the partnership with Merkle Capital will drive TrueMoney's expansion into more financial services, in addition to deposits and investment in mutual funds and bonds.

"We see rising demand for crypto investment in Thailand," he said.

According to the Digital 2022 Global Overview Report by WeAreSocial and Hootsuite, 20.1% of Thailand's internet users aged 16-64 own cryptocurrency -- the highest proportion worldwide.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.