In a strategic move that solidifies its presence in the cryptocurrency sector, Thailand’s Kasikorn Bank has announced the acquisition of a 97% stake in Satang Corporation Company Limited, the parent company of the Satang cryptocurrency exchange.
The deal, valued at 3,705 million Thai baht ($102.8 million), was carried out through a newly formed subsidiary of Kasikorn Bank called Unita Capital, created specifically for investments in digital asset companies, according tocrypto-market-purchasing-97-of-the-shares-of-satang-corporation-and-setting-up-a-subsidiary-company-orbix-trade/”>local news sources.
Kasikorn is the country’s second largest bank by assets under management, according to 2023 data fromStatesman.
Following the completion of the acquisition, Satang Corporation will be renamed Orbix Trade Company Limited.
In addition to exchange services, the newly formed company will establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix technology, a blockchain technology developer.
Kasikorn’s support for bitcoin specifically, as opposed to other cryptocurrencies and digital tokens, is unclear at this time.
This announcement follows K-Bank’s recent launch of a $100 million fund designed to invest in web3, fintech and artificial intelligence. Its counterpart, Siam Commercial Bank (SCB), is also making notable strides in web3 and the cryptocurrency space. Both banks compete to offer a full range of crypto services permitted within Thailand’s regulatory framework.
SCB had tried earlier this yearcrypto-exchange/#:%7e:text=Siam%20Commercial%20Bank%20(SCB)%2C,US%24500%20million)%20in%20November.”>similar acquisitionfrom a regional rival, although it was notably stalled by regulatory issues.
Kasikorn Bank has set an ambitious goal of capturing 20% of Thailand’s cryptocurrency market share by 2024, marking its notable commitment at a time when many global banks remain on the sidelines of the sector.
