Read

Kasikornbank has acquired $103 million worth of shares of the Satang crypto exchange through its subsidiary Unita Capital.
Thailand’s financial giant Kasikornbank (KBank) has bought 97% shares of the local crypto exchange dubbed Satang Pro, Thai newspaper Bangkok Biz News <a href="https://www.bangkokbiznews.com/finance/cryptocurrency/1096111" target="_blank" rel="noopener noreferrer nofollow">reports</a>.
In a regulatory filing, the bank said it had acquired 3.705 billion Thai baht (nearly $103 million)&nbsp;worth of shares in Satang’s parent company through Unita Capital, a subsidiary of KBank.
Once the deal is done, KBank will rebrand Satang into Orbix as well as establish new arms, Orbix Custodian, Orbix Invest, and Orbix Technology, in a bid to expand crypto-related services in Thailand.
You might also like: <a href="https://crypto.news/thailand-delays-15b-crypto-giveaway-citing-security-concerns/" rel="noopener noreferrer nofollow"> Thailand delays $15b crypto giveaway citing security concerns </a>
Established in 2017, Satang Pro is one of the few crypto exchanges in Thailand <a href="https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=7281" target="_blank" rel="noopener noreferrer nofollow">regulated</a> by the Securities and Exchange Commission. In 2022, Thailand’s financial watchdog <a href="https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9619&amp;NewsNo=160&amp;NewsYear=2565&amp;Lang=TH" target="_blank" rel="noopener noreferrer nofollow">issued civil sanctions</a> against Satang and four other crypto exchanges for faking trading volumes.
For KBank, the acquisition is yet another step toward the crypto industry, as in 2016, it was&nbsp;the first Thai bank to apply blockchain technology. At the time, Kasikornbank joined forces with the local unit of International Business Machines (IBM) to develop blockchain solutions to save costs and speed up transactions.
Kasikornbank is in the top five largest banks in Thailand, with nearly $120 billion in total assets as of June 2023.
Read more: <a href="https://crypto.news/thailand-introduces-tax-on-overseas-crypto-earnings-from-2024/" rel="noopener noreferrer nofollow"> Thailand introduces tax on overseas crypto earnings from 2024 </a>

Thailand’s fourth-largest bank invests $103m in local crypto exchange

crypto.news

2023년 10월 30일에 게재된 다른 기사

VanEck modifies their Bitcoin ETF application on the spot

Bitcoin Minetrix ($BTCMTX) Raises $2.7 Million With Just Three Days to Go – Why Are Whales Backin...

Rollbit (RLB) Surges to New Highs as Analysts Eye Potential Rally to $1, but There’s a Catch

VeChain (VET) Price Prediction For November 2023

Crypto funds see largest weekly inflows in more than a year: CoinShares

Crypto Analyst Explains Five Phases of The Bitcoin Halving

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!