Kasikorn Bank, Thailand’s second largest bank, has acquired a 97% stake in Satang crypto exchange, with a reported deal worth 3.705 billion Thai baht ($102.8 million). This news was highlighted in a post by Wu Blockchain on Monday, citing CoinDesk.
Satang Corporation, founded in 2017, offers trading for more than 45 cryptocurrencies, and has an estimated customer base of over 1 million. Upon completion of the deal, Satang will rebrand to Orbix, with three subsidiaries; Orbix Custodian, Orbix and Orbix Technology.
K-Bank, which recently obtained a crypto exchange operator license, has launched a $100 million fund for Web3, fintech, and artificial intelligence (AI). This move joins other major financial giants in Thailand, such as Siam Commercial Bank (SCB) and Gulf – a local energy company partnered with Binance, in pushing towards the crypto ecosystem.
This article has been shared and also includes categories and tags.
