Thailand’s Kasikornbank Acquires Majority Stake in Satang Crypto Exchange
Kasikornbank, one of Thailand’s largest banks, is entering the cryptocurrency industry through its acquisition of a 97% stake in the local crypto exchange Satang. The acquisition, valued at $103 million, was made through Kasikornbank’s subsidiary, Unita Capital, which focuses on digital asset investments. After the acquisition, Satang Corporation will be renamed Orbix Trade Company Limited. Kasikornbank’s crypto business will consist of three divisions: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, a blockchain technology developer. Satang is a major player in Thailand’s crypto market and offers various digital asset services.
The Confirmation by Satang Founder
Poramin Insom, the founder of Satang and creator of the privacy-focused cryptocurrency Firo (formerly Zcoin), confirmed the acquisition on Facebook. Insom mentioned that Satang also operates other companies such as Satang Technology and Satang Space. He assured corporate customers that the existing services would continue without being affected by the acquisition.
KBank’s Recent Initiatives
This move follows Kasikornbank’s launch of a $100 million fund in September 2023 targeting Web3, fintech, and artificial intelligence. The bank is the second-largest lender in Thailand based on assets. Thai NVDR Company Limited is the largest shareholder of KBank, while the Stock Exchange of Thailand owns 99.9% of NVDR’s shares.
Hot Take: Kasikornbank Expands into Crypto Industry with Satang Acquisition
Kasikornbank’s acquisition of a majority stake in Satang demonstrates its commitment to entering the cryptocurrency industry. By acquiring a well-established crypto exchange, Kasikornbank aims to position itself as a key player in Thailand’s digital asset market. This strategic move aligns with the bank’s recent initiatives, such as the launch of a $100 million fund targeting emerging technologies. With the acquisition, Kasikornbank will have a strong foothold in the crypto sector through its divisions focused on custody, investment, and blockchain technology development. This expansion into cryptocurrencies further highlights the growing acceptance and adoption of digital assets by traditional financial institutions.
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