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Kasikornbank Acquires Major Stake in Thai Cryptocurrency Firm

Kasikornbank's strategic acquisition of Satang Corporation marks a significant move into the digital currency market, enhancing its position in Thailand's crypto landscape.
Published on 2023-10-30

KBank's Strategic Move into Digital Currency

Kasikornbank (KBank), a leading financial institution in Thailand, has strategically entered the digital currency market by acquiring a 97% stake in Satang Corporation. This acquisition, valued at $103 million, was executed via KBank's subsidiary, Unita Capital, which is dedicated to digital asset investments.

Transformation to Orbix Trade Company Limited

Post-acquisition, Satang Corporation will be rebranded as Orbix Trade Company Limited. This new entity will feature three main divisions: Orbix Custodian, focusing on digital asset custody; Orbix Invest, dedicated to fund management; and Orbix Technology, specializing in blockchain technology infrastructure.

Traditional Banks Entering the Crypto Space

KBank's acquisition highlights the growing interest of traditional banks in the cryptocurrency sector. Despite past obstacles, such as civil sanctions over trading volumes, Satang Pro remains a significant player in Thailand's crypto market. This move aligns with KBank's broader innovation goals, including a $100 million fund launched in September 2023, targeting Web3, fintech, and AI sectors.

Continued Interest from Financial Institutions

This acquisition signals continued interest from traditional financial institutions in the expanding crypto market, even as others, like Siam Commercial Bank, have faced challenges. KBank's investment underscores its commitment to advancing its technological capabilities and solidifying its role in the evolving digital financial landscape.

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