Bangkok, Thailand – In a significant move towards embracing the burgeoning world of cryptocurrencies, Kasikornbank, commonly known as K-Bank, announced on Monday its acquisition of a majority stake in the parent company of Satang, a prominent local crypto exchange.
The acquisition, valued at 3.7 billion Thai baht (approximately $102.8 million), was executed through K-Bank’s wholly-owned subsidiary, Unita Capital, as revealed by K-Bank President Pipit Aneaknithi in a filing to the Stock Exchange of Thailand.
Following the successful takeover, Satang will undergo a rebranding and be renamed as Orbix Trade Company Limited, in line with K-Bank’s strategic vision for the exchange.
Satang, which has been operating in Thailand since 2017, proudly touts itself as the country’s longest-standing crypto exchange.
Unita Capital, the subsidiary responsible for this acquisition, is not stopping at just this move. It has concurrently established three new subsidiaries to strengthen its presence in the digital asset management landscape. These include Orbix Custodian, dedicated to digital asset custody, Orbix Invest, focused on digital asset fund management, and Orbix Technology & Innovation Company Limited, geared towards blockchain infrastructure development.
K-Bank, holding the prestigious position of Thailand’s fourth-largest bank in terms of assets, is a powerhouse in the financial industry. Operating across various sectors including commercial banking and securities, the bank’s reach extends far and wide.
Founded on June 8, 1945, K-Bank underwent a pivotal transition in 2003 when it rebranded from its former English name, Thai Farmers Bank, aligning with its Thai pronunciation. Its extensive network spans over 1,000 domestic locations, supplemented by overseas branches primarily situated in China.
This crypto exchange acquisition comes on the heels of K-Bank’s recent foray into the tech venture scene. Just a month ago, the bank launched a $100 million tech venture fund specifically targeting startups in artificial intelligence, Web3, and deep tech.
In a parallel move, K-Bank’s competitor, Siam Commercial Bank (SCB), made its mark in the blockchain and digital asset arena by establishing SCB 10X, a dedicated subsidiary, in early 2021, according to reports from Ledger Insight.
As the crypto and blockchain landscape continues to evolve, K-Bank’s strategic moves reflect an industry-wide trend towards embracing the potential of digital assets and emerging technologies. This acquisition stands as a testament to K-Bank’s commitment to staying at the forefront of financial innovation in Thailand and beyond.
