Thailand’s leading bank, Kasikornbank (KBank), has acquired a majority stake of 97% in the local crypto exchange, Satang. This strategic step signifies KBank’s foray into the cryptocurrency industry, amplifying its presence in the digital asset market.
The acquisition, valued at 3.7 billion Thai baht (approximately $103 million), was confirmed via an announcement on the Stock Exchange of Thailand’s website. KBank executed the transaction through its subsidiary, Unita Capital, solely focused on investments in the digital asset sector.
Satang’s Transformation into Orbix Trade Company Limited
Following this acquisition, Satang Corporation is poised for a rebranding. The crypto exchange will be renamed Orbix Trade Company Limited. Under Kasikornbank’s crypto business umbrella, three distinct divisions will operate: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, a blockchain technology developer.
Poramin Insom, the founder of Satang and the mastermind behind the privacy-focused cryptocurrency Firo (FIRO), took to Facebook to confirm the acquisition. He reassured Satang’s corporate customers about the seamless transition and continuity of services, emphasizing that the change would not impact their existing operations.
Kasikornbank’s Strategic Expansion Following $100 Million Fund Launch
This move by KBank comes shortly after the launch of its $100 million fund targeting Web3, fintech, and artificial intelligence sectors in September 2023. KBank’s position as Thailand’s second-largest lender by assets adds weight to its entry into the cryptocurrency space, positioning itself as a significant player in the evolving digital economy.