Kasikornbank, Thailand's second-largest bank, has acquired 97% of the shares of Satang Corporation Co. Ltd, a crypto exchange based in Thailand.
Kasikornbank, Thailand's second-largest bank, has made a strategic move into the world of digital assets by acquiring a local crypto exchange.
Kasikornbank, better known as KBank, claimed in a statement filed with the Thai Stock Exchange on October 27 that it has purchased 97% of the shares of Satang Corporation Co. Ltd. According to the letter, Satang Corporation would be renamed Orbix Trade Co. Ltd.
The acquisition was executed through Unita Capital, a wholly-owned subsidiary of KBank with a registered capital of 3.7 billion Baht ($102.8 million), as stated in the filing.
Unita Capital has also formed three subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd., all of which will specialize in digital asset custodian services, fund management, and blockchain infrastructure development.
This move is part of KBank's bigger Web3 ambitions. The bank previously announced the formation of a $100 million fund named KXVC, which will invest in web3 and artificial intelligence firms.
This comes as Thailand is implementing stricter regulations on crypto traders, as it seeks to boost tax revenues. Meanwhile, Prime Minister Srettha Thavisin's plan to airdrop 10,000 Baht in digital currencies to all Thai citizens has been delayed to late Q1 2024.
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