Firo

<div class="sg-post-des">
 Thailand's second-largest lender by assets, Kasikornbank, is moving into crypto by acquiring a majority stake in the local crypto business Satang.
</div>
<div class="cointelegraph">
 Thailand’s Kasikornbank, one of the largest banks in the country, is moving into the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency industry by acquiring a majority stake in the local <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> Satang.
 Kasikornbank, also known as KBank, acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET).
 According to Kasikornbank, the acquisition is valued at 3.7 billion Thai baht, or around $103 million. The transaction is being made through K-Bank's new subsidiary called Unita Capital, which is focused on investment in the digital asset industry, the statement notes.
 Following the acquisition, Satang Corporation is set to <a rel="noopener noreferrer nofollow" title="change" href="https://thebittimes.com/tag/change.html">change</a> its name to Orbix Trade Company Limited. Kasikornbank’s <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> will have three divisions, including the custody platform Orbix Custodian, the venture arm Orbix Invest and Orbix Technology, a blockchain technology developer.
 Satang Corporation is a major cryptocurrency business in Thailand, operating a crypto exchange and other digital asset services. Satang’s founder Poramin Insom is known for launching the privacy-focused cryptocurrency Firo (FIRO), formerly known as Zcoin.
 Insom took to Facebook on Oct. 30 to confirm the acquisition by Kasikornbank. “I’ve been at Satang since 2017 until now, six years have passed,” Insom said, adding:
 <blockquote>
 “Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.”
 </blockquote>
 He also mentioned that Satang’s other companies include the blockchain service platform Satang Technology and space-related Satang Space.
 Related: Thai crypto investors turn to tarot cards, divine signals to predict market
 “I still continue to do it without being affected. So I reported here. In case Satang’s corporate customers are shocked at what the existing services will be like in the future,” Satang CEO noted.
 The announcement comes shortly after KBank launched a $100 million fund targeting Web3, fintech, and artificial intelligence in September 2023. The bank is reportedly Thailand's second-largest lender by assets, following only Bangkok Bank. According to data from SET, Thai NVDR Company Limited is the largest shareholder of KBank. The Stock Exchange of Thailand owns 99.9% of NVDR’s shares.
 Magazine: Chinese police vs. Web3, blockchain centralization continues: Asia Express
 <template data-name="subscription_form" data-type="defi_newsletter"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/thailand-s-kbank-acquires-crypto-exchange-business-satang-tbt68300.html">https://thebittimes.com/thailand-s-kbank-acquires-crypto-exchange-business-satang-tbt68300.html</a>

Thailand’s KBank acquires crypto exchange business Satang

TheBitTimes

Other articles published on Oct 30, 2023

Ethereum (ETH) and Cardano (ADA) Price Forecasts: Can VC Spectra (SPCT) Capitalize on the Next Bu...

President of El Salvador, Nayib Bukele, has announced his reelection campaign.

Polkadot (DOT) surges 8% with staking dashboard upgrade

Airdrop for Anticipated Project to Be Distributed Tomorrow – Binance Also Announces Listing

CME Rises to Second-Largest Bitcoin Futures Exchange on Open Interest Surge

What is Cyber Arena and How to Buy CAT?

Join our free newsletter for daily crypto updates!