I have to admit I feel a little shy sharing old photos of myself 😅
This one was sent by a friend—it’s from the early days of Bitkub, with our co-founders and the first employees. What you see is Bitkub’s first official office, located at Piya Place on Langsuan Road. Seeing this old photo brings back memories of those early days. To put it simply, we had to grit our teeth and struggle to pay the rent because we wanted a central office where everyone could easily commute. I often say, “Building a startup is like jumping off a cliff and trying to assemble a plane before you hit the ground.” It means you have to make everything work before your capital and resources run out.
In the very beginning, excluding the co-founders, we had only two employees. By 2018, the year of this photo, after the SEC issued licenses for digital asset exchanges, we officially launched Bitkub Online along with Bitkub Blockchain Technology. By the end of that year, we had 31 employees.
At that time, I never imagined our group of companies would grow as rapidly as it has today. Looking back, many factors made it seem nearly impossible: Bitcoin wasn’t widely accepted in Thai society, negative news and scams were common, and Bitcoin was often associated with underground activities. Blockchain technology was new and unfamiliar—most people didn’t know what it was or why it mattered. Legal and regulatory frameworks were not supportive, and the co-founders and I were still very young, averaging 25–28 years old. Many doubted whether a group of young people could succeed. Like many startups, there was the risk of burning through investors’ funds quickly.
On the first day of trading at Bitkub Exchange in 2018, our trading volume was only 3,484,508.72 THB. We were extremely excited and hopeful, imagining what it would be like if the volume someday grew tenfold or a hundredfold per day. Back then, such growth seemed nearly impossible. Our other company, Bitkub Blockchain Technology, faced similar challenges. At that time, finding skilled blockchain developers in Thailand was extremely difficult—they were considered “golden humans” due to their scarcity. Few could write smart contracts, and finding developers who understood business or marketers who could communicate technical innovation effectively was equally rare. The best talent often had higher salaries offered by large, established companies, making it risky to join a new startup like ours. Beyond hiring, educating companies about blockchain’s importance and benefits was an even bigger challenge. Every day, we had to find clients and earn their trust.
But we believed. From research and experimentation, we knew blockchain could change the world. Bitcoin, digital currencies, and digital assets would transform value exchange and improve lives. My team and I stood firm in what we believed. There were times when the company’s finances were tight. My co-founder Ton and I went unpaid for ten months to ensure we could pay employees and operational expenses before investor funding ran out, which might have forced us to close the company.
We started with only two employees. By the end of 2018, we had 31. We held small annual meetings at coffee shops. By the end of 2019, we had 69 employees, and meetings moved to university auditoriums. By September 2020, we had 154 employees, expecting 200 by year-end. I was thrilled to host meetings in 5-star hotel banquet halls, and by the end of that year, staff exceeded 200. By the first half of 2021, after months of continuous work, the company underwent “blitzscaling.” Within six months, we had over 1,478 full-time and part-time positions, supporting over a thousand families. We attracted top talent domestically and internationally to help develop Thailand’s blockchain industry.
From trading volumes of a few million per day to a peak of 13 billion THB, we transformed from a company barely understood to a pioneer of Bitkub Chain, Thailand’s first blockchain infrastructure. We also established Bitkub Academy to educate new investors and the public about blockchain, providing opportunities for income and careers in the emerging digital economy. Most recently, Bitkub Ventures was founded to invest in and support the next generation of startups, creating positive impact for society and the nation.
Looking back at the beginning and comparing it to today’s achievements, it almost seems impossible. But every day, my team and I worked tirelessly, pursuing our belief with passion and big goals. We operate in a world undergoing rapid change, believing in what others did not. We are a small minority with a huge challenge. If you ask me whether Bitkub is a great company today, I’d say, “We might be good, but not yet the best.” We don’t want to be just a good company—we aim to be a great company. We aspire to become Thailand’s first fintech unicorn, lead meaningful change, inspire young people, and encourage anyone facing challenges to persevere. Growth comes from every step we take, just as I have grown and come far from those early days.
We’ve come such a long way, and the next step is not too far to become a reality.
All it takes is belief and staying true to what you do.
#YourLifeWillChange
Credit: Image courtesy of Khun Beam, Siam Blockchain.
Topp Jirayut Srupsrisopa
Founder & CEO Bitkub Capital Group Holdings Co., Ltd.
