Benzinga - Kasikorn Bank of Thailand, commonly referred to as K-Bank, recently announced its acquisition of 97% of shares in the parent company of the Satang crypto exchange. This platform has been operational since 2017.
The transaction, valued at approximately 3.705 billion Thai baht (around $102.8 million), was facilitated through K-Bank's newly established subsidiary, Unita Capital, which focuses on investments in digital assets firms.
Following the completion of this deal, Satang will undergo a rebranding, taking on the name Orbix.
This revamped entity will introduce three new subsidiaries: Orbix Custodian, Orbix Invest (specializing in digital asset fund management), and Orbix Technology, which delves into blockchain technology development.
This move is particularly significant in light of the upcoming Benzinga's Future of Digital Assets conference on Nov. 14, which will spotlight developments and trends in the digital asset realm.
This acquisition came after K-Bank's recent unveiling of a $100 million fund aimed at Web3, fintech and AI ventures.
The bank's competitors are not far behind with Siam Commercial Bank (SCB) actively venturing into the Web3 and cryptocurrency domain.
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Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, a company that received investment from K-Bank, told CoinDesk, “K-Bank is intensifying its efforts in the cryptocurrency sector, positioning itself alongside SCB. They are keen on offering a full spectrum of crypto services permitted in Thailand.”
Rakwongwan added that K-Bank has already procured a crypto exchange license and is obtaining other relevant crypto licenses in Thailand.
He emphasized the distinctive nature of the Thai market, highlighting its strong institutional backing.
In addition to SCB and K-Bank's endeavors in the crypto world, Thailand's energy powerhouse, Gulf, has collaborated with Binance via its Gulf Innova fund.
Their joint aim is to introduce a regulated, localized version of the crypto exchange to the market.
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