Thai Banking Giant KBank Expands into Crypto with Satang Acquisition
Kasikornbank, the second-largest bank in Thailand, has made a groundbreaking move into the cryptocurrency sector by announcing the acquisition of Satang Corporation Co. Ltd., a local crypto exchange. The acquisition was carried out through its wholly-owned subsidiary, Unita Capital, and signals a significant step towards embracing the burgeoning digital asset market.
In a formal letter filed with the Stock Exchange of Thailand, Kasikornbank, often referred to as KBank, revealed that it had secured 97% of Satang Corporation’s shares on October 27. Satang Corporation is a well-known digital asset exchange operating in Thailand. As a part of its strategic vision, KBank has plans to rename Satang Corporation to Orbix Trade Co. Ltd., marking a shift towards incorporating digital assets into its offerings.
KBank’s involvement in the acquisition signifies a strong commitment to staying at the forefront of financial innovation in the rapidly evolving digital asset ecosystem. With the financial sector witnessing a surge in interest and adoption of cryptocurrencies and blockchain technology, this move positions KBank as a pioneer in the traditional banking industry.
The acquisition was executed through Unita Capital, a subsidiary of KBank with a registered capital of 3.7 billion Baht, equivalent to approximately $102.8 million. This significant capital investment demonstrates the bank’s seriousness about its foray into the world of cryptocurrency and digital assets.
Furthermore, to solidify its position in the digital asset market, Unita Capital has established three additional subsidiaries:
- Orbix Custodian: This subsidiary is dedicated to digital asset custodianship, ensuring the safe storage and management of cryptocurrencies on behalf of clients. This move aligns with the growing demand for secure and reliable custody solutions in the cryptocurrency space.
- Orbix Invest: Focusing on fund management, Orbix Invest is positioned to cater to the investment needs of clients interested in digital assets. This development reinforces KBank’s strategy to offer comprehensive financial services in the cryptocurrency sector.
- Orbix Technology & Innovation Co. Ltd.: This subsidiary is poised for blockchain infrastructure development. The bank recognizes the importance of blockchain technology in various industries, and this subsidiary will contribute to the advancement and innovation of blockchain solutions.
Kasikornbank’s announcement is a significant milestone in the integration of traditional financial institutions with the world of cryptocurrencies and blockchain technology. It represents a progressive approach to meet the evolving needs and preferences of customers who are increasingly interested in digital assets and blockchain applications.
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