Thailand’s Kasikorn Bank (K-Bank) has made a significant move to strengthen its position in the digital asset space. According to recent reports, the bank acquired a 97 percent stake in Satang, a local cryptocurrency exchange. The deal, valued at 3.705 billion Thai baht ($102.8 million), marks K-Bank’s strategic entry into the rapidly growing Thai digital asset market.
Kasikorn Bank Sets Sights On 20% Market Share In Thai Crypto Market
Satang, established in 2017, has been operating as an exchange in Thailand, offering various services such as custody, staking, and crypto payments. Although the exchange’s spot trading volume has been relatively modest, approximately $430,000 in the last 24 hours, the acquisition provides K-Bank with a solid foundation to expand its digital asset services.
K-Bank’s subsidiary, Unita Capital, was responsible for executing the acquisition and was specifically established to invest in digital asset companies. This move aligns with K-Bank’s broader strategy, which includes the launch of a $100 million investment fund focused on web3, fintech, and artificial intelligence (AI).
The bank aims to capitalize on the growing opportunities in these sectors while also capturing a significant portion of the Thai crypto market share, targeting a 20 percent share by 2024.
Following the completion of the acquisition, Satang will undergo a rebranding process and be renamed Orbix. Alongside the rebranding, Orbix will introduce three additional subsidiaries:
Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology (a blockchain technology developer). This exp
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Author: Ronaldo Marquez
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