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研究生: 林晨荷
Sarocha Arunrote
論文名稱: Thailand's leading cryptocurrency trading platform: A case study of Bitkub
Thailand's leading cryptocurrency trading platform: A case study of Bitkub
指導教授: 謝劍平
Chien-Ping Shieh
劉代洋
Day-Yang Liu
口試委員: 謝劍平
Chien-Ping Shieh
劉代洋
Day-Yang Liu
鄭仁偉
Jen-Wei Cheng
許馨方
Hsin-Fang Hsu
學位類別: 碩士
Master
系所名稱: 管理學院 - 管理學院MBA
School of Management International (MBA)
論文出版年: 2022
畢業學年度: 110
語文別: 英文
論文頁數: 75
外文關鍵詞: Crypto Exchange Platform, Platform conceptual framework
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  • Cryptocurrencies are digital financial assets, for which ownership and transfers of
    ownership are guaranteed by cryptographic decentralized technology. The rise of cryptocurrencies' value on the market and the growing popularity around the world open several cryptocurrency exchange platforms where traders can buy and sell cryptocurrencies, having online platforms as an intermediary that facilitates transactions. This case study seeks to provide a comprehensive analysis of Thailand’s cryptocurrency exchange platform with a particular platform, 'Bitkub'. Throughout this paper, the basic concepts of cryptocurrency, market and company overview, business model, and platform conceptual framework are presented with support from primary interview data and secondary data.

    Keywords: Financial Technology, Cryptocurrency, Crypto Exchange Platform, Crypto
    Regulations, Business Model Canvas, Platform conceptual framework

    ABSTRACT i ACKNOWLEDGEMENT ii TABLE OF CONTENT iii LIST OF FIGURES vi LIST OF TABLES vi CHAPTER 1 INTRODUCTION 1.1. Research background and motivation 1 1.2. Research purpose and objectives 3 1.3. Research organization and process 3 CHAPTER 2 LITERATURE REVIEW 2.1. Financial Technology 5 2.1.1. Blockchain 5 2.1.2. Cryptocurrency 6 2.2. Cryptocurrency Exchange 8 2.3. Cryptocurrency Regulations in Thailand 8 2.3.1. Legality 8 2.3.2. Digital Asset Taxation 9 2.4. Disruptive Innovation and Digital Disruption 10 2.5. Platform Business 11 2.5.1. Multi-sided Market 12 2.5.2. Network Effects 12 2.5.3. Business Ecosystem 13 2.6. Business model canvas 14 2.7. Platform Growth Model Conceptual Framework 17 2.8. Business Startups 19 2.8.1. Blitzscaling 19 2.8.2. Startup Financing 19 CHAPTER 3 RESEARCH METHODOLOGY 3.1. Research design 21 3.2. Case study 21 3.3. Data collection method 22 3.4. Data analysis 25 3.5. Research limitation 25 CHAPTER 4 INDUSTRY ANALYSIS 4.1. Cryptocurrency Exchanges 26 4.2. Cryptocurrency Users 30 4.3. Regulation and Legislation 31 CHAPTER 5 CASE ANALYSIS 5.1. Company Background and Managerial Decision 34 5.1.1. Overview 34 5.1.2. Functions of Core Businesses 36 5.1.3. Growth Stage and Performances 37 5.1.4. Perspective toward Cryptocurrency 37 5.2. Business Strategies and Value Elements 36 5.2.1. Value Proposition and Core competencies 39 5.2.2. Customer Segments 40 5.2.3. Customer Relationship 40 5.2.4. Channels 41 5.2.5. Key Partners 42 5.2.6. Key Activities 42 5.2.7. Key Resources 43 5.2.8. Revenue Streams 44 5.2.9. Cost Structure 44 5.3. Problems and Challenges 45 5.4. Future Plans 46 5.5. Platform Participants 47 5.5.1. Users 48 5.5.2. Exchange Platforms 48 5.5.3. Blockchain Platforms 49 5.5.4. Minors/Validators 49 5.6. Platform Conceptual Framework 50 5.6.1. Initial Stage 50 5.6.2. Growth Stage 51 5.6.3. Expansion Stage 52 5.6.4. Maturity Stage 52 CHAPTER 6 CONCLUSION & RECOMMENDATION 6.1. Conclusion 54 6.2. Recommendation 56 6.2.1. Skilled developers 56 6.2.2. International competition 56 6.2.3. Scalability and Security 57 6.3. Research contribution 57 6.4. Research limitations 58 REFERENCES 59

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