Kasikorn Bank, Thailand’s second-largest bank, has reportedly acquired a 97% stake in cryptocurrency exchange Satang. The deal was completed through Unita Capital, a subsidiary of Kasikorn Bank, and involved 3.705 million Thai baht ($102.8 million) worth of shares in Satang’s parent company.
Wu Blockchain highlighted cryptocurrency news in a post on X on Monday, citing CoinDesk.
Thailand's second-largest bank, Kasikorn Bank, has acquired a 97% stake in the parent company of cryptocurrency exchange Satang. The deal is valued at 3.705 million Thai baht ($102.8 million). K-Bank recently obtained a crypto exchange license and launched a $100 million fund targeted...Satang Corporation, founded in 2017 and one of Thailand’s leading digital asset exchanges, offers trading in over 45 cryptocurrencies. Details show that the platform’s customer base exceeds one million.
According to a local media report published on Monday, the completion of the deal will see Satang renamed as Orbix, with three subsidiaries, namely: Orbix Custodian, Orbix and Orbix Technology.
Kasikorn, also known as K-Bank, recently received a cryptocurrency exchange operator license and launched a $100 million fund for Web3, fintech and artificial intelligence (AI).
K-Bank’s move sees it join other leading financial giants in Thailand in foraying into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy giant that recently partnered with Binance to expand global crypto exchange services in the country.
