Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).Satang will rebrand to Orbix.Kasikorn Bank, Thailand’s...
- Kasikorn Bank has acquired a 97% stake in Thailand-based cryptocurrency exchange Satang.
- The bank’s deal is reportedly worth 3.705 billion Thai baht ($102.8 million).
- Satang will rebrand to Orbix.
Kasikorn Bank, Thailand’s second largest bank, has reportedly acquired a 97% stake in Satang crypto exchange. The deal was completed via Kasikorn Bank’s subsidiary Unita Capital and involved 3.705 billion Thai baht ($102.8 million) worth of shares in Satang’s parent company.
Wu Blockchain highlighted the crypto news in a post on X on Monday, citing CoinDesk.
Thailand’s second biggest bank Kasikorn Bank has acquired 97% shares in the parent company of Satang crypto exchange. The deal has a valuation of 3.705 billion Thai baht ($102.8 million). K-Bank recently secured a crypto exchange license and launched a $100 million fund targeting…
— Wu Blockchain (@WuBlockchain) October 30, 2023
Satang to rebrand to Orbix
Per a local media report published early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries namely: Orbix Custodian, Orbix and Orbix Technology.
Kasikorn, also known as K-Bank, recently received a crypto exchange operator license and has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI).