Thailand’s Kasikornbank Acquires Majority Stake in Satang Crypto Exchange

Kasikornbank (KBank) Expands into Crypto Market

Thailand’s second-largest lender, Kasikornbank (KBank), has taken a significant step into the cryptocurrency market by acquiring a 97% stake in local crypto exchange Satang. The deal, valued at 3.7 billion Thai baht ($103 million), was executed through KBank’s digital asset investment subsidiary, Unita Capital.

A New Chapter for Satang as Orbix Trade Company Limited

Following the acquisition, Satang will undergo a rebranding and be known as Orbix Trade Company Limited. The company will be divided into three divisions: Orbix Custodian, a secure custody platform; Orbix Invest, a venture arm; and Orbix Technology, responsible for blockchain development.

Founder Confirms Acquisition and Diversification

Poramin Insom, the founder of Satang and creator of the privacy-focused cryptocurrency Firo, confirmed the acquisition. Satang, in addition to its core crypto exchange services, also runs businesses such as Satang Technology, providing blockchain services, and Satang Space, involved in space-related enterprises.

KBank’s Recent Expansion and Investments

This acquisition comes shortly after KBank’s launch of a $100 million fund aimed at investments in Web3, fintech, and AI sectors. The majority stake in KBank is held by Thai NVDR Company Limited, with the Stock Exchange of Thailand owning most NVDR shares.

This rewritten article showcases how Thailand’s Kasikornbank (KBank) is making a bold move into the cryptocurrency market. By acquiring a majority stake in the local crypto exchange Satang, KBank is positioning itself as a significant player in the digital asset industry. The article highlights the rebranding of Satang as Orbix Trade Company Limited and the creation of three divisions to cater to various aspects of the crypto ecosystem. It also mentions the confirmation of the acquisition by Satang’s founder and the existing businesses under Satang’s umbrella. Additionally, the article discusses KBank’s recent fund launch and its ownership structure. By incorporating engaging headlines, simplified language, and a natural tone, this rewritten article offers a unique and enriched perspective while adhering to the guidelines provided.