Thailand’s Kasikornbank — one of the largest banks in the country — is moving into the cryptocurrency industry by acquiring a majority stake in the local crypto exchange Satang.
Kasikornbank, also known as KBank, acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET).
According to Kasikornbank, the acquisition is valued at 3.7 billion Thai baht ($103 million). The transaction is being made through KBank’s new subsidiary, Unita Capital, which is focused on investment in the digital asset industry, the statement notes.
Following the acquisition, Satang Corporation is set to change its name to Orbix Trade Company Limited. Kasikornbank’s crypto business will have three divisions: the custody platform Orbix Custodian, the venture arm Orbix Invest and…
