Thailand’s Kasikornbank — one of the largest banks in the country — is venturing into the cryptocurrency industry by acquiring a majority stake in the local crypto exchange Satang.
Kasikornbank, also known as KBank, has acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, as disclosed in an announcement on Oct. 30 on the website of the Stock Exchange of Thailand (SET).
The acquisition by Kasikornbank is valued at 3.7 billion Thai baht ($103 million). KBank’s new subsidiary, Unita Capital, focused on investment in the digital asset industry, is facilitating the transaction, as stated in the announcement.
Following the acquisition, Satang Corporation will be rebranded as Orbix Trade Company Limited. Kasikornbank’s crypto business will consist of three divisions: the custody platform Orbix Custodian, the venture arm Orbix Invest, and Orbix Technology, a blockchain technology developer.
Satang is a prominent cryptocurrency business in Thailand, offering a crypto exchange and other digital asset services. The founder of Satang, Poramin Insom, is recognized for launching the privacy-focused cryptocurrency Firo (FIRO), previously known as Zcoin.
Insom confirmed the acquisition by Kasikornbank through a Facebook post on Oct. 30, mentioning the following:
“Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.”
Insom also noted that Satang’s other companies include the blockchain service platform Satang Technology and the space-related Satang Space.
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“I still continue to do it without being affected. So I reported here. In case Satang’s corporate customers are shocked at what the existing services will be like in the future,” mentioned the Satang CEO.
This announcement follows KBank’s launch of a $100 million fund in September 2023, targeting Web3, fintech, and artificial intelligence. KBank is reportedly Thailand’s second-largest lender by assets, following Bangkok Bank. The largest shareholder of KBank is Thai NVDR Company Limited, according to data from the SET. The Stock Exchange of Thailand holds 99.9% of NVDR’s shares.
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