Thailand’s Kasikorn Bank, also referred as K-Bank, has acquired a majority stake of 97% in the company that owns Satang, a cryptocurrency exchange that has been active in Thailand since 2017.
According to a filing, this deal was valued at 3.705 billion Thai baht, which is equivalent to $102.8 million and was carried out through a new subsidiary of K-Bank called Unita Capital, which specializes in investing in companies involved in digital assets.
According to a statement of K-Bank from local media, it hopes to secure a 20% share of the crypto market in Thailand by 2024.
After the agreement is finalized, Satang will undergo a name change to become Orbix. As part of this transformation, the newly formed company will also include three new branches: Orbix Custodian, Orbix Invest (responsible for managing digital asset funds), and Orbix Technology (focused on developing blockchain technology).
This news comes one month after K-Bank initiated a $100 million fund aimed at supporting projects related to web3, fintech, and artificial intelligence. K-Bank’s competitor, Siam Commercial Bank (SCB), is also actively pursuing opportunities in the fields of web3 and cryptocurrency.
Also Read: Thailand’s $15B Digital Currency Plan Delayed to 2024
