Kasikornbank Acquires Local Crypto Exchange
Kasikornbank, Thailand’s second-largest bank by assets, has announced the acquisition of a local crypto exchange through one of its subsidiaries. In a letter filed to the Stock Exchange of Thailand, Kasikornbank revealed that it acquired 97% of the shares of Satang Corporation Co. Ltd, the operator of a digital asset exchange. The acquisition took place on October 27, and Kasikornbank plans to rename Satang as Orbix Trade Co. Ltd.
The acquisition was made through Unita Capital, a wholly-owned subsidiary of Kasikornbank with registered capital of 3.7 billion Baht ($102.8 million). Unita Capital has also established three subsidiaries for its digital asset custodian, fund management, and blockchain infrastructure development businesses – Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd.
KBank’s Web3 Ambition
Last month, Kasikornbank announced the establishment of a $100 million fund called KXVC to invest in web3 and artificial intelligence startups. The fund is managed by Kasikorn Business Technology Group and will target fintech startups globally with a particular focus on Asia Pacific.
Hot Take: Kasikornbank Expands into Crypto with Acquisition
Kasikornbank’s acquisition of a local crypto exchange demonstrates its growing interest and commitment to the cryptocurrency industry. By acquiring Satang Corporation and establishing additional subsidiaries for digital asset-related businesses, the bank is positioning itself for future growth in the crypto space. Additionally, the establishment of the KXVC fund further solidifies Kasikornbank’s ambitions in web3 and artificial intelligence technologies. As cryptocurrencies continue to gain mainstream acceptance, this move by Kasikornbank could prove to be a strategic and lucrative investment.
By
By
By
By
By