Kasikorn Bank snaps up 97% stake in cryptocurrency exchange Satang for $103m
- Kasikorn Bank (K-Bank), Thailand’s fourth largest bank, acquires a 97% stake in Satang Corporation, the parent company of cryptocurrency exchange Satang, for $102.8 million.
- The acquisition is made through K-Bank’s subsidiary, Unita Capital, which focuses on digital asset investments.
- Satang Corporation will be rebranded as Orbix Trade Company after the completion of the deal and will be divided into three subsidiaries: Orbix Technology and Innovation, Orbix Invest, and Orbix Custodian.
- Orbix Invest and Orbix Custodian are in the process of requesting business licenses.
- Satang is the oldest regulated cryptocurrency exchange in Thailand, offering various blockchain and digital asset services since 2017.
- For K-Bank, this acquisition enhances its ability to provide cryptocurrency services, expanding its range of personal, corporate, and wealth management offerings.
- K-Bank previously contributed to the development of the Bank of Thailand’s blockchain-based platform for government savings bonds and established the Kasikorn X Venture Capital fund to invest in Web3, deep tech, and AI start-ups in the APAC region.