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Kasikornbank, also referred to as K-Bank, on Monday announced its acquisition of a majority stake in the parent firm of local crypto exchange Satang.<\/p>\n
In a filing to the Stock Exchange of Thailand, K-Bank President Pipit Aneaknithi disclosed that the acquisition, worth 3.7 billion Thai baht ($102.8 million), was made through the bank\u2019s fully-owned subsidiary, Unita Capital.\u00a0<\/p>\n
Following the takeover, Satang will renamed to Orbix Trade Company Limited, the filing<\/a> showed.<\/p>\n Operating in Thailand since 2017, Satang claims to be the country\u2019s longest-standing crypto exchange.<\/p>\n According to the filing, Unita Capital has also established three new subsidiaries: Orbix Custodian for digital asset custody, Orbix Invest for digital asset fund management and Orbix Technology & Innovation Company Limited for blockchain infrastructure development.<\/p>\n K-bank ranks as Thailand\u2019s fourth-largest bank in terms of assets, per<\/a> Nikkei Asia.\u00a0<\/p>\n Established on June 8, 1945, the bank operates in commercial banking, securities, among other sectors.<\/p>\n In 2003, it transitioned from its former English name, Thai Farmers Bank, to its current name, mirroring its Thai pronunciation.\u00a0<\/p>\n With a presence in over 1,000 locations domestically, the bank also has overseas branches, primarily in China.<\/p>\n The bank\u2019s crypto exchange acquisition comes about a month after it launched a $100 million tech venture fund focused on artificial intelligence, Web3 and deep tech startups.<\/p>\n Meanwhile, its competitor, Siam Commercial Bank (SCB), established a blockchain and digital asset subsidiary, SCB 10X, in early 2021, according<\/a> to Ledger Insight.<\/p>\n Shortly after, SCB initiated a $600 million joint venture, the Global Disruptive Technology Venture Capital Fund, and rebranded the parent company as SCBx.\u00a0<\/p>\n SCB further pursued an over $500 million acquisition for a majority share in Thailand-based exchange Bitkub, but had to back out<\/a> when local authorities called for changes from the exchange.<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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