Thailand’s K-Bank Acquires 97% Shares of Satang Crypto Exchange for $103M

K-Bank acquires 97% stake in Thailand’s Satang crypto exchange for $102.8M, aims for 20% market share by 2024, and rebrands as Orbix with new branches.
Thailand’s K-Bank Acquires 97% Shares of Satang Crypto Exchange for $103M

Thailand’s Kasikorn Bank, popularly known as K-Bank, has purchased a 97% share in Satang, a cryptocurrency exchange that has been operating in Thailand since 2017.

According to a document, this transaction was worth 3.705 billion Thai baht, or $102.8 million, and was taken out by a new K-Bank subsidiary called Unita Capital, which specialized in investing in companies involved in digital assets.

According to a local media report, K-Bank intends to gain a 20% part of Thailand’s crypto industry by 2024.

After the agreement is finalized, Satang will change his name to Orbix. The newly established corporation will also contain three new divisions as part of this transformation: Orbix Custodian, Orbix Invest (responsible for managing digital asset funds), and Orbix Technology (focused on creating blockchain technology).

This announcement comes just one month after K-Bank launched a $100 million fund to assist projects relating to web3, fintech, and artificial intelligence. Siam Commercial Bank (SCB), K-Bank’s competitor, is likewise actively seeking chances in web3 and cryptocurrencies.

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