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- A Thailand-based crypto company lost more than a third of its value in the past month.
- Jasmine Tech was on its way to becoming the largest bitcoin farm in Southeast Asia.
- Thailand recently announced a ban on crypto in the country.
Thailand’s Jasmine Technology Solution Plc, the telecom-turned-crypto company, has lost more than a third of its value in the past month, according to Bloomberg. The tech firm’s market capitalization has been cut down to 260 billion baht (US$7.6 billion) in the crypto crash of last week. The massive loss has also affected the firm’s biggest shareholders.
The Bangkok-based tech giant cashed in on the digital asset frenzy and quickly soar to become the 10th most-valuable company on the Stock Exchange of Thailand. It was on its way to becoming the largest Bitcoin farm in Southeast Asia. However, the recent Bitcoin crash caused the company to suffer a massive setback.
What makes this situation worse is that Thailand is banning the use of cryptocurrency. The Securities and Exchange Commission (SEC) of Thailand announced a ban on the use of cryptocurrencies as a mode of payment on March 23. According to SEC, it will be illegal to pay for goods and services with the help of crypto starting from April 01, 2022.
Despite these roadblocks, founder Pete Bodharamik is optimistic. “JTS’s target is to become the largest Bitcoin mining company in Southeast Asia,” he said. He believes that cryptocurrency and blockchain technology are the key to the future of fintech and the metaverse.
Nevertheless, this is not an isolated incident. Coinbase founder Brian Armstrong’s fortune plummeted more than $11 billion to $2.2 billion in just a matter of six months. CEO of Galaxy Digital Michael Novogratz also lost $6 billion.
However, the situation is looking slightly better this week with a few coins making a marked upward movement. The crypto community hopes that the circumstances will be better and go back to the previous state soon.
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