Thailand’s K-Bank Acquires 97% Stake in Parent Company of Satang Crypto Exchange Thailand’s second-largest bank,
Kasikorn Bank, widely known as K-Bank,
has acquired a 97% stake in the parent company of the established Satang crypto exchange.
This strategic acquisition
comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand’s regulatory framework.
The deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through a newly established K-Bank subsidiary known
as Unita Capital.
Unita Capital holds a specific mandate to invest in digital assets companies, aligning with K-Bank’s commitment to expanding its presence
in the digital asset and cryptocurrency market.
Once the transaction
concludes, Satang will undergo a rebranding process, emerging as Orbix.
This transformation signifies
a broader shift in K-Bank’s digital strategy, as Orbix will encompass three additional subsidiaries:
Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
