Thailand’s Kasikorn Bank, also known as K-Bank, said it has acquired 97% shares in the parent company of Satang crypto exchange, which has operated in the country since 2017.
According to a filing, the deal has a valuation of 3.705 billion Thai baht ($102.8 million) and was done via a new K-Bank subsidiary called Unita Capital, which has a mandate to invest in digital assets companies.
Once the deal closes, Satang will be re-branded to Orbix. The new company will also have three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
The announcement comes a month after K-Bank launched a $100 million fund targeting web3, fintech, and AI. K-Bank’s rival, Siam Commercial Bank (SCB), is also making aggressive moves into web3 and crypto.
“K-Bank is intensifying its efforts in the cryptocurrency…
