Thailand's KBank Makes a Splash in the Crypto Industry

Thailand's Kasikornbank Expands into Cryptocurrency

Thailand's Kasikornbank, also known as KBank, has made a bold move into the cryptocurrency industry. The bank has acquired a majority stake in local crypto business Satang, marking its entrance into the world of digital assets.

The Acquisition Deal

KBank has purchased 97% of shares in the operator of Thailand's Satang crypto exchange. The transaction, valued at 3.7 billion Thai baht (approximately $103 million), was made through KBank's subsidiary, Unita Capital. This new subsidiary focuses on investments in the digital asset sector.

What's Next for Satang?

Following the acquisition, Satang Corporation will be rebranded as Orbix Trade Company Limited. KBank's crypto business will be divided into three divisions: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, a blockchain technology developer.

Insights from Satang's Founder

Poramin Insom, the founder of Satang, confirmed the acquisition on Facebook. He reassured Satang's corporate customers that the existing services will continue without disruption. Insom also mentioned that Satang has other companies, including Satang Technology, a blockchain service platform, and Satang Space, a space-related venture.

KBank's Recent Moves

This acquisition comes on the heels of KBank's launch of a $100 million fund targeting Web3, fintech, and artificial intelligence. As Thailand's second-largest lender by assets, KBank is making strategic investments to stay ahead in the ever-evolving digital landscape.

Source: The Guardian