Kasikornbank Acquires Majority Stake in Satang Crypto Exchange
Kasikornbank, one of Thailand’s leading financial institutions, has purchased a 97% stake in local cryptocurrency exchange Satang Pro. Through its subsidiary Unita Capital, Kasikornbank acquired shares worth approximately $103 million in Satang’s parent company. Following the acquisition, Kasikornbank plans to rebrand Satang as Orbix and introduce new divisions such as Orbix Custodian, Orbix Invest, and Orbix Technology to expand its cryptocurrency services in Thailand.
About Satang Pro and Kasikornbank’s Crypto Ventures
Satang Pro, established in 2017, is among the few regulated crypto exchanges in Thailand. The country’s securities regulator had previously imposed penalties on Satang and four other exchanges for inflating trading volumes. For Kasikornbank, this acquisition is another step towards expanding its presence in the crypto industry. The bank has been actively involved in blockchain technology since 2016 when it collaborated with IBM to develop blockchain solutions for cost-saving and faster transactions. With approximately $120 billion in total assets, Kasikornbank ranks among Thailand’s top five largest banks.
Hot Take: Kasikornbank Bolsters Position in the Crypto Market
Kasikornbank’s acquisition of a majority stake in Satang Pro demonstrates its commitment to the growing cryptocurrency industry in Thailand. By rebranding the exchange as Orbix and introducing new crypto-related divisions, the bank aims to expand its range of services and cater to the increasing demand for digital assets. This move aligns with Kasikornbank’s previous ventures into blockchain technology and showcases its determination to stay at the forefront of financial innovation. As cryptocurrencies continue to gain mainstream acceptance, Kasikornbank’s strategic investment positions it well to capitalize on the evolving market trends and solidify its position as a key player in the crypto landscape.
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