Kasikornbank, the second largest bank in Thailand in terms of assets, has announced its acquisition of the local crypto exchange platform Satang. The banking giant revealed in a letter filed with the Stock Exchange of Thailand today...
Kasikornbank, the second largest bank in Thailand in terms of assets, has announced its acquisition of the local crypto exchange platform Satang.
The banking giant revealed in a letter filed with the Stock Exchange of Thailand today that it has acquired 97% of Satang Corporation Co. Ltd, which is the corporate entity of the Satang exchange platform, on Oct. 27.
The acquisition is valued at 3.705 billion Thai baht ($103 million) and was executed via a new Kasikornbank subsidiary called Unita Capital, according to the filing.
Crypto Exchange Satang To Be Renamed
Following the acquisition, the Thai bank has shared its plans to rename Satang to Orbix Trade Co. Ltd.
The filing also revealed that the new company will have three additional subsidiaries. These subsidiaries will be Orbix Custodian, Orbix Invest and Orbix Technology.
Kasikornbank ‘s Investment Drive
The announcement comes shortly after Kasikornbank launched a $100 million fund in September that is aimed at investing in companies within the Web3, fintech and AI sectors.
The fund was established by Kasikornbank’s technology arm, Kasikorn Business Technology Group.
Satang Operates Crypto Exchange, Other Digital Services
Satang Corporation is a major business in Thailand that operates a cryptocurrency exchange platform and a variety of other digital asset services.
The founder of Satang, Poramin Insom, is known for launching the privacy-focused cryptocurrency Firo (FIRO), formerly known as Zcoin.
Insom confirmed the acquisition by Kasikornbank in a post on Facebook today. In his post, Insom stated that Satang has already exited the trading board.
He said that Satang’s other companies, Satang Technology and Satang Space, are not impacted by the acquisition.
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