Thailand has been one of the most active countries in Asia exploring the use of blockchain and distributed ledger technology for financial services. We have entered an evolution in the means of value exchange, and even the financial market infrastructure sees the need to deliver value in the future of money. Although it remains to be seen which trends will endure beyond the pandemic, Bitkub has always been optimistic about cryptocurrencies.
Bullish sentiment towards crypto is increasing and with the rapid spike of our customer base, increased volume coupled with high market volatility, our system’s functionality/ ability to keep up with the blistering pace of crypto growth, has never been more crucial.
Customer traffic and demand explosion is setting new records everyday. At the ascent of hypergrowth, we have to think at least 12 months ahead, rolling along with the punches of every wild price swing in the cryptocurrency market - thinking ahead and planning for a longer time horizon. The delays that you have been experiencing have never gone unnoticed. One of our most important values as a company would be upholding your trust. It is both an honor and responsibility that we take very seriously.
Simultaneously scaling our infrastructure and workforce
Even for the startups that have moved out of the earliest stage and found more solid footing, hypergrowth requires a complete shift in perspective. We had to entirely change our mindset or growth would turn into this undertow that would pull us down. What makes or breaks companies is their ability to react in that phase. We need to move beyond the short-term optimizations that accompany a frantic search for growth and mature into thinking and operating very differently. We completely revamped our hiring process. We have been scaling up teams to build the capacity to handle the pressure.
We are simultaneously evaluating and monitoring the ecosystem in which we operate to identify areas that require us to pivot our strategy and make changes where necessary - generating consistent growth over time. Adding more individuals while rethinking how groups interact to help wrangle and streamline an increasing set of moving parts and maintain decision-making velocity.
Our goal is not simply to facilitate trades; rather to understand our customers’ objectives and fashion cohesive solutions that help achieve those objectives - prioritising customers above all else. Thus, democratise value for greater autonomy. We’re humbled to have helped many people, from all backgrounds, shape their financial futures.
Moreover, we started exploring the development of Bitkub’s own Blockchain- the Bitkub Chain, with an objective of pushing the real business use cases of blockchain in Thailand. Bitkub Chain is aiming to lay the infrastructure for businesses with an emphasis on transparency and security of blockchain technology while maintaining low gas fee, low transaction time, and low barrier of entry.
We recently listed Bitkub Coin (KUB), which is the native coin of Bitkub Chain. KUB can be used as a gas fee when deploying the smart contract on Bitkub Chain for general transactions or usage of Decentralized Application (Dapp) on the blockchain ecosystem. KUB can also function as a trading fee credit on Bitkub Exchange.
Crypto is a new world, and it’s prudent to be cautious
Markets move through stages of growth - both upswings and downswings are fast; a response to crisis, customers’ personal choices/considerations, mass media coverage and technical updates, among other things. On some days, there are more buyers than sellers, and on other days, it’s vice versa. Understanding volatility can help us mentally/emotionally prepare for the market’s unpredictability. As always though, past performance is no guarantee of future results.
It’s common for a new market to confuse people, until they get familiar with it.
Navigate the web page on our own terms
The trouble with any currency is that the dark side of human nature tends to take over a perfectly good thing. There are endless and innovative methods of hacking and circumventing password authentication through means of phishing or public WiFi; as with any other scams, it will try to exploit areas where we lack knowledge and distract us by offering attractive rewards. Being vigilant and safe online is increasingly important especially in the cryptocurrency and blockchain space.
Be extra careful of any attempts to gain your personal and sensitive information, always verify the legitimacy of sources online and do thorough research. We should not provide sensitive identifying information without first assuring that the company implements the necessary security standards to keep the data safe. Please do note that cryptocurrency transactions are irreversible; never take any trust for granted.
We are seeking our customers’ cooperation in keeping their accounts safe and taking their account security to the next level.
Enable two-factor authentication and make sure it is fully functional and up to date
Set-up strong, complex passwords; you may also consider using secure password managers like Lastpass
Secure your email and check for any unauthorised access/ unauthorised devices
Secure your devices, keep them updated with the latest operating systems, versions and security features
Identify and stay alert for phishing attempts
Observe good habits and awareness. Practice safe browsing habits and avoid suspicious links or programs
Bitkub will never:
request fund transfer for resolving issues
prioritise concerns for additional fees
directly call or send you a message for manual deposits/withdrawals
send out free crypto (and any other related giveaways) without making a proper announcement via our official social media channels
conduct giveaways, promo activities and contests without making prior announcement via our official social media channels
ask for your passwords, 2fa codes, or email access
Security is never definite and done. We have to take time updating our knowledge base and check our potentially weak points on a regular basis.
Only risk funds that we can afford to lose
Cryptocurrencies are a high-risk, high-reward asset. This has less to do with how much you invest, but says more about the impact. What would be the impact on you, if your investment was to lose value? Every investment you make carries with it the risk of not giving the returns you expect from it. After all, there are no risk-free investments.
How to make sense of a volatile market? It’s for the customers to decide. How you approach volatility depends on your financial goals, trusted information and own analysis. Let us always proceed with care and continuously educate ourselves to remain sharp and competitive.
We will remain transparent
We recognize the need to constantly address our growing crypto community and develop our high quality service standards - making sure our customers would have a better and safer experience. We will periodically evaluate our services/offerings to measure progress and determine our path forward. You have our commitment that we will utilise more tools, take extensive measures for an improved operations and long-term strategies.
Thank you very much for putting your faith in us! We are more than fortunate to have nurtured experiences with you; you have been and always will be the greatest impact to our growth. The future is not predestined; we have been shaping it since.
Topp Jirayut Srupsrisopa
Founder and Group CEO of Bitkub