TL; DR Breakdown
- Coral is the new NFT art store that supports creativity.
- Government-issued currency like Thai Baht and US Dollars can be used by customers to buy NFT artwork.
It will bring artists from different countries in Asia together. This way, they can show off their artwork to a broader market and get potential buyers. By doing this, they will gain recognition and advance their careers. Furthermore, the artists will get better proceeds for their innovations.
There will be evolutions in art, customs, and living styles with the new platform. Tourists of all forms will get excellent experiences. Coral will support creativity under three theories: producing, co-producing, and producing shared value.
The coral platform built via KX
The development is part of KASIKORN X(KX), with excellent decentralized finance(DeFi) ideas. The need for KX arose at the beginning of 2020. According to Thanaarmates Arriyavet, KX head, the Coral platform will ensure the process of publishing and selling NFTs is swift.
Arriyavet noted that Coral operates differently from other NFT stores since customers can make purchases using fiat money.
Similar platforms require customers to convert their fiat currencies to cryptocurrency before buying artwork, thus inconveniencing clients.
KX helps build new tech businesses that intend to enter the growing decentralized finance ecosystem. In March 2021, the venture builder helped in the development of Kubix, a digital assets firm.
The company is a security platform that engages in the ICO portal business. KX complies with the country’s SEC rules of operation. Kubix’s duties involve screening issuers and evaluating project plans. The company also reviews draft prospects. If there are no hurdles, the business plan is submitted to the SEC. KX operates independently from other bodies.
KBTG has also collaborated with the Stock Exchange of Thailand (SET) to establish crypto trading. KBTG holds the technology docket in the partnership.
Embracing Blockchain Technology
Banks have been embracing blockchain in Thailand, and Siam Commercial Bank has not been left out. The bank established a venture division SCB 10X last year.
In February, the firm revealed a $50 million digital asset and DeFi fund. In September, they announced a more significant $600 – 800 million blockchain and fintech fund. This project was a joint venture with Thai conglomerate CP Group. The firm also created a new holding company SCBx converting it into a technology group.
The two banks are associated with the Thai electronic letter of guarantee platform. The electronic letter of guarantee platform (eLG) recognizes all companies regardless of size. Over $300 million guarantees had been issued by IBM and Thailand’s Blockchain Community Initiative by October last year.