Kasikornbank Acquires Thai Crypto Exchange Satang
Kasikornbank, the second largest bank in Thailand, has announced its acquisition of the local crypto exchange platform Satang. The banking giant revealed in a letter filed with the Stock Exchange of Thailand that it has acquired 97% of Satang Corporation Co. Ltd, which is the corporate entity of the Satang exchange platform. The acquisition is valued at 3.705 billion Thai baht ($103 million) and was executed via a new Kasikornbank subsidiary called Unita Capital.
About Satang and Founder Poramin Insom
Satang is a company based in Thailand that operates a cryptocurrency exchange platform and other digital asset services. The founder of Satang, Poramin Insom, is known for launching the privacy-focused cryptocurrency Firo (FIRO), formerly known as Zcoin. Insom confirmed the acquisition by Kasikornbank in a Facebook post, stating that Satang has already exited the trading board. He also clarified that Satang’s other companies, Satang Technology and Satang Space, are not affected by the acquisition.
Hot Take: Kasikornbank Expands into Crypto Market
Kasikornbank’s acquisition of Satang showcases its entry into the cryptocurrency market in Thailand. With this move, the bank aims to tap into the growing popularity and potential of digital assets. By acquiring a local crypto exchange platform, Kasikornbank can leverage its existing customer base and infrastructure to provide secure and regulated crypto trading services. This strategic acquisition positions Kasikornbank as a key player in Thailand’s evolving crypto landscape and demonstrates its commitment to staying ahead of emerging financial trends.
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