By: Eva Baxter
Leading Thai financial institution, Kasikornbank, has made a significant stride into the cryptocurrency industry by acquiring a majority stake in local crypto business, Satang Corporation. In a recent announcement published on the Stock Exchange of Thailand (SET), the bank disclosed that it has obtained 97% shares of the operator of the Satang crypto exchange. The acquisition, valued around $103 million, was executed through K-Bank's new subsidiary, Unita Capital, which is dedicated to digital asset industry investments.
Post-acquisition, Satang Corporation will rebrand as Orbix Trade Company Limited, with Kasikornbank’s newly acquired crypto business span across three divisions. These include the custody platform Orbix Custodian, venture arm Orbix Invest and the blockchain technology developer Arc, Orbix Technology. Satang has been a major player in Thailand's cryptocurrency business, offering crypto exchange services and other digital asset services.
Prior to this major move, Kasikornbank had launched a $100 million fund pushing into Web3, fintech, and artificial intelligence. This acquisition marks another milestone in the trend of Thailand's major traditional financial institutions moving into the crypto industry.
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