Bangkok-headquartered Kasikorn Bank, Thailand’s fourth-largest bank by assets, has taken a significant leap into the world of cryptocurrencies by acquiring a 97% stake in the Satang Corporation, the parent company of the well-established cryptocurrency exchange, Satang.
The acquisition, valued at 3.7 billion Thai baht (approximately $102.8 million), was executed through Kasikorn Bank’s fully owned subsidiary and digital asset investment arm, Unita Capital.
Following the completion of the deal, Satang Corporation is set to undergo a rebranding to become Orbix Trade Company, branching out into three distinct subsidiaries: Orbix Technology and Innovation (focused on blockchain infrastructure development), Orbix Invest (specializing in digital asset fund management), and Orbix Custodian (offering digital asset custodian services). Both Orbix Invest and Orbix Custodian are in the process of securing business licenses.
Kasikorn Bank of Thailand Acquires Majority Stake in Satang Crypto Exchange for $103 Million.#WebGTR #BTC #Bitcoin #Binance #ETH #BNB #KasikornBank #Thailand #Crypto #CryptoExchange #zerodha #Messi #trickortreat #AppleEvent pic.twitter.com/xIgZwxZJpx
— WebGTR IT SOLUTIONS (@WebGTRLLP) October 31, 2023
As the oldest regulated cryptocurrency exchange in Thailand, Satang has been operating since 2017, offering various cryptocurrency-related services, including asset tokenization and digital asset exchange. For Kasikorn Bank, this strategic acquisition represents a significant milestone in expanding its offerings to include cryptocurrency-related services alongside its existing personal, corporate, and wealth management services. This move follows the establishment of the Kasikorn X Venture Capital fund, demonstrating the bank’s commitment to investing in cutting-edge technologies and startups within the APAC region.
