Thailand’s second-largest bank Kasikornbank Pcl is said to be developing a digital-asset ecosystem to provide a funding route for companies, Bloomberg reported on Wednesday.
Kasikornbank bought the licensed digital-asset exchange Satang Corp in October as part of the strategy, an unusual instance of an established lender acquiring a crypto trading platform, according to the report. The bank also has divisions focused on blockchain technology and custodial services for virtual tokens.
“We’re advising some clients to issue tokens for fund raising,” Kasikornbank’s co-president Pipit Aneaknithi said in an interview with Bloomberg on Monday.
“We see potential in this market. We’re serious about developing a digital-asset ecosystem that will be very cost efficient compared with existing, traditional platforms,” he was quoted as saying.
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