Thailand’s Kasikorn Bank said it has acquired a 97% stake in the parent firm of Satang cryptocurrency exchange, according to a Monday filing to the Stock Exchange of Thailand.
See related article: Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier
- Kasikorn Bank said that after the deal, the exchange will be rebranded to Orbix Trade Co. Ltd.
- The bank also opened three additional subsidiaries: Orbix Custodian as its new crypto custody wing, Orbix Invest, a fund manager, and Orbix Technology, a blockchain development firm, according to the filing.
- The 3.705 billion Thai baht (US$102.8 million) deal was closed via Unita Capital, a new Kasikorn Bank subsidiary that aims to invest in digital asset companies.
- Kasikorn Bank, also known as K-Bank, is Thailand’s second-largest bank by assets, with 1.5 trillion baht (US$41.6 billion) of assets under management at the end of 2022.
- It launched a US$100 million Web3 and fintech-focused fund on Sept. 14. The fund aims to invest in emerging tech startups worldwide, with a particular focus on the APAC region, according to a K-bank announcement.
- The Satang exchange launched in Thailand in 2017. It currently offers 40 crypto trading pairs, with a 24-hour trading volume of US$481,412, according to CoinMarketCap data.
See related article: Blockchain tech in Thailand gets boost from new pro-crypto leader