Kasikornbank, Thailand's second largest bank in terms of assets, has taken an important step towards expanding its presence in the cryptocurrency space.
Thai Banking Giant KBank Made a Strategic Move by Acquiring Cryptocurrency Exchange Satang
The bank announced today that it has acquired Satang, a local digital asset exchange.
This acquisition of KBank, completed on October 27, underlines KBank's commitment to embracing the evolving digital finance environment.
As part of this strategic move, KBank rebranded Satang as Orbix Trade Co. Ltd. and to reflect the bank's forward-looking approach to the cryptocurrency industry.
This acquisition was made through Unita Capital, a wholly owned subsidiary of KBank, with registered capital of 3.7 billion Baht (equivalent to $102.8 million).
This move signals KBank's determination to solidify its position in the emerging world of digital assets.
Additionally, Unita Capital has taken further steps in this direction by establishing three important subsidiaries. These are Orbix Custodian, Orbix Invest and Orbix Technology & Innovation Co. Ltd.
These organizations are strategically poised to lead the bank's digital asset custody, fund management and blockchain infrastructure development initiatives.
Last month, in a visionary move, KBank announced that it had created a significant fund of $100 million to invest in web3 and artificial intelligence initiatives.
*This is not investment advice.