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 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 <a style="color: #0000ff;" href="https://www.set.or.th/th/market/news-and-alert/newsdetails?id=84137401&amp;symbol=KBANK&amp;fbclid=IwAR1M7IaO29geEIDdE32obt6w3b8XHEIQljd_Sa0SdfE0XnfAKdvZm1NtO4Q" rel="noopener noreferrer nofollow">officially announced</a> through the Stock Exchange of Thailand (SET).
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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 <a style="color: #0000ff;" href="https://www.set.or.th/th/market/news-and-alert/newsdetails?id=84137401&amp;symbol=KBANK&amp;fbclid=IwAR1M7IaO29geEIDdE32obt6w3b8XHEIQljd_Sa0SdfE0XnfAKdvZm1NtO4Q" rel="noopener noreferrer nofollow">officially announced</a> 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.
Poramin Insom, co-founder of Satang, confirmed KBank’s majority acquisition of Satang Pro through a <a style="color: #0000ff;" href="https://web.facebook.com/InsomPoramin/posts/pfbid02BgTzLjM2kPH9Aw6oxHnKT3tuBxpDnNExUKP1mDxbo9oknTc3oGns1GmqxQqReWL9l?_rdc=1&amp;_rdr" rel="noopener noreferrer nofollow">Facebook post</a> on October 30. He assured that, despite the change in ownership, Satang’s corporate customers would continue to receive the same services. Insom also mentioned that an official announcement regarding the details would be forthcoming.
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.
KBank’s acquisition of Satang Pro follows its recent <a style="color: #0000ff;" href="https://www.kasikornbank.com/en/news/pages/kxvc.aspx" rel="noopener noreferrer nofollow">launch of a $100 million fund</a> in September focused on investments in Web3, fintech, and AI startups.&nbsp;
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.&nbsp; 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.
Meanwhile, the Securities and Exchange Commission (SEC) in Thailand has taken proactive steps to ensure the safety and security of investors in the country’s digital asset industry. The regulator <a style="color: #0000ff;" href="https://defi-planet.com/2023/07/thailands-sec-implements-stricter-rules-for-digital-asset-providers-to-protect-investors/" rel="noopener noreferrer nofollow">recently introduced new regulations</a> to strengthen investor protection and create a safer and more secure environment for investors.&nbsp;
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/kasikornbank-kbank-acquires-majority-stake-in-thai-crypto-exchange-satang-pro-for-103-million/">Kasikornbank (KBank) Acquires Majority Stake in Thai Crypto Exchange Satang Pro for $103 Million</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Kasikornbank (KBank) Acquires Majority Stake in Thai Crypto Exchange Satang Pro for $103 Million

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