KBank acquires Thai crypto exchange for $102.8 million

Second-largest by assets in Thailand Kasikorn Bank (KBank) acquired a 97% stake in the parent company of Satang, the operator of the local bitcoin exchange. This was reported by Siam Blockchain.

The deal was processed through its subsidiary Unita Capital. The amount was 3.7 billion THB ($102.8 million).

Satang was launched in 2017. It has more than 1 million customers.

Following the takeover, the exchange will be renamed Orbix. The group will spin off Orbix Custodian (custodian), Orbix Invest (digital-asset fund manager) and Orbix Technology (developer).

The institution aims to capture 20% of Thailand’s digital assets market by 2024.

“KBank will intensify its efforts in the cryptocurrency sector. The bank is interested in offering a full suite of services permitted in Thailand,” — said in an interview with CoinDesk, the co-founder of FWX.finance and investor in KBank Udomsak Rakwangwan.

He said the institution has received authorization to operate a crypto exchange and is actively pursuing the remaining licenses.

Earlier, via its Kasikorn Business Technology Group launched a $100 million fund for investments in AI-focused startups and Web3.

Earlier, Gulf Binance — a joint venture of Binance and Gulf Innova — received a license as a digital-asset operator from the Thai Ministry of Finance.