Thailand's second-largest lender by assets, Kasikornbank (KBank), has made a significant entry into the cryptocurrency market with the acquisition of a 97% stake in local crypto exchange Satang. The deal, conducted through KBank's digital asset investment subsidiary, Unita Capital, was valued at 3.7 billion Thai baht ($103 million).
Following this acquisition, Satang will undergo a rebranding and will now be known as Orbix Trade Company Limited. The company will be split into three divisions: Orbix Custodian, a secure custody platform; Orbix Invest, a venture arm; and Orbix Technology for blockchain development.
The founder of Satang and creator of Firo, a privacy-focused cryptocurrency, Poramin Insom confirmed the acquisition. In addition to its core crypto exchange services, Satang runs businesses such as Satang Technology which provides blockchain services and Satang Space, which is involved in space-related enterprise.
This acquisition comes on the heels of KBank's recent launch of a $100 million fund aimed at investments in Web3, fintech, and AI sectors. Thai NVDR Company Limited holds the majority stake in KBank, with the Stock Exchange of Thailand owning most NVDR shares.
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