2023-10-30 13:31:08
Thailand’s Kasikorn Bank (K-Bank) is entering the world of digital assets by acquiring a 97 percent stake in the parent company of a local crypto exchange, Coindesk reported. The deal is priced at $102.8 million. Satang has been operating as a crypto exchange in the country since 2017 and offers a range of services including escrow, staking and crypto transfers. K-Bank is making the acquisition through its subsidiary Unita Capital, which was created with the mandate to invest in crypto businesses. The Thai bank has also launched a $100 million investment fund focused on web3, fintech and AI. Furthermore, in a statement shared with local media, K-Bank revealed that it aims to acquire 20 percent of the Thai crypto market by 2024. Following the closing of the acquisition deal, the new owner will rename Satang to Orbix, which will have three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager) and Orbix Technology, a company developing blockchain technology. Thailand’s crypto market enjoys great support from traditional financial institutions. Siam Commercial Bank (SCB), K-Bank’s rival, is also investing in the crypto space. In addition, SCB agreed to acquire Bitkub, Thailand’s largest crypto exchange with a daily turnover of $22.3 million, but dropped the deal last year citing unresolved regulatory issues. Bitkub has been issued several notices and heavy fines by the Thai regulator. As banks wink at cryptocurrencies, Thai authorities continue to tighten regulations on how crypto exchanges operate. At the beginning of the year, the country banned crypto-loan services and made it mandatory to disclose the risks when buying cryptocurrencies. Our other related articles:
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