In a strategic move that solidifies its presence in the cryptocurrency sector, Thailand’s Kasikorn Bank has announced the acquisition of a 97% stake in Satang Corporation Company Limited, the parent company of the Satang cryptocurrency exchange.
The deal, valued at 3.705 billion Thai baht ($102.8 million), was conducted through a newly formed Kasikorn Bank subsidiary called Unita Capital, specifically created for investments in digital asset companies, according to local news sources.
Kasikorn is the country’s second-largest bank by assets under management, according to 2023 data from Statista.
Following the finalization of the acquisition, Satang Corporation will be rebranded as Orbix Trade Company Limited.
In addition to the exchange services, the newly formed company will establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
Kasikorn’s support for Bitcoin specifically, as opposed to other cryptocurrencies and digital tokens, is at this time unclear.
This announcement follows K-Bank’s recent launch of a $100 million fund designed to target investments in web3, fintech, and artificial intelligence. Its counterpart, Siam Commercial Bank (SCB), is also reportedly making notable strides into web3 and the cryptocurrency space. Both banks are vying to offer a full spectrum of crypto services permissible within the regulatory framework in Thailand.
SCB had earlier this year attempted a similar acquisition of a regional rival, though it was notably stalled over regulatory issues.
Kasikorn Bank has set an ambitious goal to capture 20% of the cryptocurrency market share in Thailand by the year 2024, marking its commitment notable at a time when many global banks remain on the sector’s sidelines.