Thailand’s Kasikorn Bank has taken a significant step in establishing its presence in the cryptocurrency sector by acquiring 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 facilitated through Kasikorn Bank’s subsidiary, Unita Capital, which was specifically created for investments in digital asset companies (Siamblockchain).
As the second-largest bank in Thailand based on assets under management, according to Statista, Kasikorn’s move into the cryptocurrency market is a strategic one (Statista). Following the completion of the acquisition, Satang Corporation will undergo a rebranding process and become Orbix Trade Company Limited.
The newly formed company will not only offer exchange services but will also establish three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer. This expansion signifies Kasikorn Bank’s commitment to the cryptocurrency sector and its focus on digital assets (Bitcoin Magazine).
It remains unclear at this time whether Kasikorn Bank’s endorsement extends specifically to Bitcoin or encompasses other cryptocurrencies and digital tokens. However, the bank’s investment in digital asset companies demonstrates its dedication to the growth and development of the cryptocurrency market in Thailand.
This recent announcement from Kasikorn Bank follows its launch of a $100 million fund designed to target investments in web3, fintech, and artificial intelligence. In a similar vein, their counterpart, Siam Commercial Bank (SCB), is also actively entering web3 and the cryptocurrency space (Bitcoin Magazine). Both banks are striving to provide a comprehensive range of crypto services in line with the regulatory framework in Thailand.
SCB previously attempted a comparable acquisition of a regional rival earlier this year. However, the deal faced delays due to regulatory complications (CoinDesk). In contrast, Kasikorn Bank has set an ambitious goal to capture 20% of the cryptocurrency market share in Thailand by 2024, signaling its commitment to the sector when many global banks remain cautious (Bitcoin Magazine).
By acquiring Satang Corporation, Kasikorn Bank has solidified its position in the cryptocurrency realm and demonstrated its determination to embrace digital assets. With the establishment of additional subsidiaries, the bank is well-positioned to offer a comprehensive suite of services that cater to the evolving needs of the crypto market (Siamblockchain).
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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