{"id":86342,"date":"2023-10-30T09:58:13","date_gmt":"2023-10-30T07:58:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86342"},"modified":"2025-09-13T04:59:11","modified_gmt":"2025-09-13T01:59:11","slug":"kbank-acquires-thai-crypto-exchange-for-102-8-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/kbank-acquires-thai-crypto-exchange-for-102-8-million\/","title":{"rendered":"KBank acquires Thai crypto exchange for $102.8 million"},"content":{"rendered":"<p><a href=\"https:\/\/www.kasikornbank.com\/en\/ir\/generalinformation\/pages\/corporate.aspx\">Second-largest by assets<\/a> 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<a href=\"https:\/\/siamblockchain.com\/2023\/10\/30\/kbank-goes-full-throttle-into-the-crypto-market-purchasing-97-of-the-shares-of-satang-corporation-and-setting-up-a-subsidiary-company-orbix-trade\/\"> Siam Blockchain<\/a>.<\/p>\n<p>The deal was processed through its subsidiary Unita Capital. The amount was 3.7 billion <span data-descr=\"Thai baht\" class=\"old_tooltip\">THB<\/span> ($102.8 million).<\/p>\n<p>Satang was launched in 2017. It has more than 1 million customers.<\/p>\n<p>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).<\/p>\n<p>The institution aims to capture 20% of Thailand&#8217;s digital assets market by 2024.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cKBank will intensify its efforts in the cryptocurrency sector. The bank is interested in offering a full suite of services permitted in Thailand,\u201d<\/em> \u2014 said in an interview with<a href=\"https:\/\/www.coindesk.com\/business\/2023\/10\/30\/thailands-kasikorn-bank-buys-majority-stake-in-satang-crypto-exchange-for-103m\/\"> CoinDesk<\/a>, the co-founder of FWX.finance and investor in KBank Udomsak Rakwangwan.<\/p>\n<\/blockquote>\n<p>He said the institution has received authorization to operate a crypto exchange and is actively pursuing the remaining licenses.<\/p>\n<p>Earlier, via its Kasikorn Business Technology Group <a href=\"https:\/\/forklog.com\/en\/news\/kbank-launches-100m-ai-and-web3-focused-fund\">launched<\/a> a $100 million fund for investments in AI-focused startups and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>.<\/p>\n<p>Earlier, Gulf Binance \u2014 a joint venture of Binance and Gulf Innova \u2014<a href=\"https:\/\/forklog.com\/en\/news\/binance-joint-venture-wins-license-in-thailand\"> received a license<\/a> as a digital-asset operator from the Thai Ministry of Finance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kasikorn Bank (KBank), the second-largest by assets in Thailand, acquired a 97% stake in the parent company of Satang, the operator of the local bitcoin exchange.<\/p>\n","protected":false},"author":1,"featured_media":86343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1166,1235,1266],"class_list":["post-86342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-centralized-exchanges-cex","tag-mergers-and-acquisitions","tag-thailand"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86342"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86342\/revisions"}],"predecessor-version":[{"id":86344,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86342\/revisions\/86344"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86343"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}