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- In a submission to the stock exchange, KBank stated that it purchased the local crypto exchange using one of its subsidiaries.
- The Thai bank paid more than $100 million to acquire 97% of the shares of Satang Corporation Co. Ltd.
Kasikornbank Acquires 97% of Satang Corporation
Kasikornbank, the second-largest bank in Thailand, has revealed its acquisition of a local cryptocurrency exchange through one of its subsidiaries.
The bank, also known as KBank, announced that it had purchased 97% of the shares of Satang Corporation Co. Ltd, the operator of a digital asset exchange.
KBank intends to rebrand Satang as Orbix Trade Co. Ltd., according to the announcement.
This acquisition was carried out through Unita Capital, a wholly-owned subsidiary of KBank with registered capital of 3.7 billion Baht ($102.8 million).
Furthermore, it has established three subsidiaries for its digital asset custody, fund management, and blockchain infrastructure development ventures.
The subsidiaries will be named Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd.
Kasikornbank’s Web3 Aspiration
In the previous month, Kasikornbank unveiled a $100 million investment fund supporting startups in web3 and artificial intelligence.
The fund, KXVC, was established under the auspices of Kasikorn Business Technology Group, the bank’s technology division.
KXVC’s mission is to seek out and invest in AI, web3, and cutting-edge fintech startups worldwide, particularly focusing on the Asia Pacific region.
On top of that, Thailand itself has many plans for crypto. In the latest development, the newly appointed prime minister has airdropped more than $280 worth of crypto to all citizens.
This comes as the country is trying to attract more foreign investors, including investments made in crypto projects.
How Will This Impact the End User?
The acquisition of the local cryptocurrency exchange Satang by Kasikornbank will likely have several implications for end users in Thailand.
As KBank ventures into crypto, it may increase the accessibility and legitimacy of digital assets for the average consumer.
The rebranding of Satang as Orbix Trade under the umbrella of a well-established bank like KBank will enhance user trust.
Furthermore, customers may feel more secure trading and investing in cryptocurrencies, knowing their assets are associated with a reputable financial institution.
Additionally, by establishing subsidiaries like Orbix Custodian and Orbix Invest, KBank is signaling its commitment to providing digital asset custody.
This move could offer users more diverse and sophisticated options for managing their cryptocurrency investments.