Thailand's K-Bank Purchases a 97% Interest in Satang Crypto Exchange's Parent Company.

Thailand's K-Bank Purchases a 97% Interest in Satang Crypto Exchange's Parent Company.

Kasikorn Bank, also referred to as K-Bank, is the second-largest bank in Thailand. It recently purchased a 97% share in the parent company of the well-known Satang cryptocurrency exchange.

With this calculated acquisition, K-Bank is stepping up its efforts in the cryptocurrency space in an attempt to provide a wide range of services compliant with Thai regulations.

Ten2 million is paid to K-Bank to acquire the majority stake.

According to Thailand Posts, a recently formed K-Bank subsidiary called Unita Capital carried out the transaction, which had a value of 3.705 billion Thai baht, or roughly $102.8 million.

Unita Capital is mandated to invest in companies that provide digital assets, which is in line with K-Bank's objective to increase its market share in the cryptocurrency and digital asset space.

After the deal is completed, Satang will change its name and become Orbix.

Because Orbix will now include three more subsidiaries—Orbix Custodian, Orbix Invest, a manager of digital asset funds, and Orbix Technology, a developer of blockchain technology—this transition represents a more significant change in K-Bank's digital strategy.

A $100 million Web3 investment fund was launched by Thai Bank.

The bank recently launched a $100 million fund devoted to investments in web3, fintech, and artificial intelligence. This move into the cryptocurrency space comes shortly after.

Notably, Siam Commercial Bank (SCB), K-Bank's competitor, has also been aggressively seeking opportunities in the web3 and cryptocurrency domains, demonstrating the growing significance of these fields in the Thai financial landscape.

According to Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX . finance, a business that K-Bank has invested in, K-Bank has acquired a license to operate as a cryptocurrency exchange and is actively seeking further licenses for activities related to cryptocurrencies in Thailand.

Rakwongwan emphasized the unique characteristics of the Thai market, which has strong institutional backing and offers a special range of opportunities in the realm of cryptocurrencies and digital assets.

Previously, to create a regulated, localized exchange in the Thai market, Gulf, the country's largest energy company, partnered with Binance through its Gulf Innova fund.

K-Bank disclosed to the local media that it hopes to hold a twenty percent market share in Thailand's cryptocurrency industry by the year 2024.

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