Kasikornbank, one of the largest banks in Thailand, has announced its acquisition of a stake in the local crypto exchange Satang. Kasikornbank, also known as K-Bank, is a well-established banking group with numerous branches and employees both domestically and abroad. Satang, on the other hand, is a small local exchange with low trading volumes primarily focused on the Thai Baht (THB) and Tether (USDT) trading pair.
The acquisition was made through Kasikornbank’s subsidiary Unita Capital, which purchased a 97 percent stake in Satang Corporation Company. Following the acquisition, several separate companies will be created to manage the exchange, custody of digital assets, investment funds in digital assets, and blockchain infrastructure development.
Southeast Asia is an important region for the crypto industry, with Singapore serving as the largest crypto hub in the area. While cryptocurrencies have not yet gained widespread adoption in Southeast Asia, they have potential for use cases such as remittances from abroad. As more traditional banks integrate crypto services into their platforms, services like international remittances and Bitcoin investments may become more widespread.
By entering the crypto market themselves, banks could contribute to a surge in global cryptocurrency usage.
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