Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.
The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).
Satang will rebrand to Orbix.
Kasikorn Bank, Thailand’s second largest bank, has reportedly acquired a 97% stake in Satang crypto exchange. The deal was completed via Kasikorn Bank’s subsidiary Unita Capital and involved 3.705 billion Thai baht ($102.8 million) worth of shares in Satang’s parent company.
Wu Blockchain highlighted the crypto news in a post on X on Monday, citing CoinDesk.
Thailand’s second biggest bank Kasikorn Bank has acquired 97% shares in the parent company of Satang crypto exchange. The deal has a valuation of 3.705 billion Thai baht ($102.8 million). K-Bank recently secured a crypto exchange license and launched a $100 million fund targeting…
— Wu Blockchain (@WuBlockchain) October 30, 2023
Satang to rebrand to Orbix
The Satang Corporation, founded in 2017 and one of the major digital asset exchanges in Thailand, offers trading for more than 45 cryptocurrencies. Details show that the platform’s customer base is over 1 million.
Per a local media report published early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries namely: Orbix Custodian, Orbix and Orbix Technology.
Kasikorn, also known as K-Bank, recently received a crypto exchange operator license and has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI).
K-Bank’s move sees it join other leading financial giants in Thailand in the push into the crypto ecosystem. These include Siam Commercial Bank (SCB) and Gulf, a local energy behemoth that recently partnered with Binance to expand the global crypto exchange’s services in the country.
The post Thailand’s Kasikorn Bank acquires majority stake in Satang crypto exchange appeared first on CoinJournal.
