In a strategic move that solidifies its presence in the cryptocurrency sector, Thailand’s Kasikorn Bank has announced the acquisition of a 97% stake in Satang Corporation Company Limited, the parent company of the Satang cryptocurrency exchange.
The deal, valued at 3,705 million Thai baht ($102.8 million), was carried out through a newly formed subsidiary of Kasikorn Bank called Unita Capital, created specifically for investments in digital asset companies, according to sources from local news.
Kasikorn is the country’s second-largest bank by assets under management, according to 2023 data from Statista.
Upon completion of the acquisition, Satang Corporation will be renamed Orbix Trade Company Limited.
In addition to exchange services, the newly formed company will establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
Kasikorn’s support specifically for Bitcoin, as opposed to other cryptocurrencies and digital tokens, is unclear at this time.
This announcement follows K-Bank’s recent launch of a $100 million fund designed to drive investments in web3, fintech and artificial intelligence. Its counterpart, Siam Commercial Bank (SCB), is also making notable strides in the web3 and cryptocurrency space. Both banks compete to offer a full range of crypto services permitted under Thailand’s regulatory framework.
SCB had attempted a similar acquisition of a regional rival earlier this year, although it was notably hampered by regulatory issues.
Kasikorn Bank has set an ambitious goal of capturing 20% of the cryptocurrency market share in Thailand by 2024, marking its notable commitment at a time when many global banks remain on the sidelines of the sector.