One of Thailand's largest commercial banks, Kasikornbank, acquires the cryptocurrency exchange Satang.
The Thai Kasikorn Bank has acquired the cryptocurrency exchange Satang, which has been in operation since 2017, through its subsidiary.
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Kasikorn Bank Acquires Thailand Exchange Satang for $100 Million
CoinDesk cited documents stating that Kasikorn Bank, also known as K-Bank, one of Thailand's largest commercial banks established in 1945, has acquired a 97% stake in the cryptocurrency exchange Satang through its subsidiary, Unita Capital.
Satang is valued at $102.8 million.
Unita Capital was established for the purpose of investing in digital asset companies. Following the acquisition, Satang will be rebranded as Orbix and will add three subsidiary companies:
Orbix Custodian, a custodial institution
Orbix Invest, a digital asset fund management company
Orbix Technology, a blockchain technology developer
Satang Ranks 111
According to CoinMarketCap, Satang is ranked 111th on CMC, regulated by the Thai Securities and Exchange Commission, with a 24-hour trading volume of $568,000.
Kasikorn Bank Actively Pursuing Cryptocurrency License
Just a month ago, K-Bank launched a $100 million fund focused on web3, AI, and artificial intelligence. Its competitor, Siam Commercial Bank (SCB), is also aggressively entering the web3 and crypto space.
Udomsak Rakwongwan, co-founder of FWX.finance, in which K-Bank has invested, told CoinDesk:
K-Bank is ramping up its presence in the cryptocurrency sector, along with SCB, aiming to provide comprehensive crypto financial services to Thai users. K-Bank has recently obtained a crypto trading license and is actively seeking other crypto operational licenses in Thailand.