Thailand’s second-largest bank, Kasikornbank (KBank), has completed the acquisition of a majority stake in the local cryptocurrency exchange Satang Pro. The deal, valued at 3.7 billion baht, approximately $103 million, was officially announced through the Stock Exchange of Thaila...
Thailand’s second-largest bank, Kasikornbank (KBank), has completed the acquisition of a majority stake in the local cryptocurrency exchange Satang Pro. The deal, valued at 3.7 billion baht, approximately $103 million, was officially announced through the Stock Exchange of Thailand (SET).
Satang Pro, founded in 2018, is one of Thailand’s largest cryptocurrency exchanges. The platform facilitates trading between the Thai baht and major cryptocurrencies like Bitcoin and Ethereum.
KBank’s purchase involved securing 97% of shares in Satang Corporation, the company behind the Satang Pro exchange. This acquisition was facilitated by KBank’s newly established digital asset investment subsidiary, Unita Capital.
Following this transaction, Satang Corporation will be rebranded as Orbix Trade Company Limited and KBank’s primary cryptocurrency business. The business will operate under three divisions: Orbix Custodian, Orbix Invest, and Orbix Technology.
Insom added that after six years at Satang Corporation, he will continue to operate Satang’s other businesses, including blockchain platform Satang Technology and space startup Satang Space.
Thailand has emerged as a growing crypto and blockchain hub in Southeast Asia, and as the nation’s second-largest bank, KBank is actively pursuing a digital transformation strategy. The acquisition of Satang Pro provides KBank with an established platform to enter the local cryptocurrency exchange market and offer digital asset services to its clients.
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