Kasikornbank Solidifies Crypto Foothold with Major Acquisition

Published: October 30, 2023 at 2:20 am Updated: October 30, 2023 at 2:20 am

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In Brief

Kasikorn Bank of Thailand, commonly referred to as K-Bank, has announced the acquisition of a 97% stake in the company behind the Satang crypto exchange, operational in the nation since 2017.

Kasikornbank Solidifies Crypto Foothold with Major Acquisition

Kasikornbank (K-Bank), one of Thailand’s leading financial institutions, has announced its acquisition of a dominating 97% stake in the company behind the well-established Satang crypto exchange.

With a purchase value pegged at 3.705 billion Thai baht (roughly $102.8 million), the acquisition was executed through K-Bank’s newly established arm, Unita Capital, specifically oriented towards digital assets ventures.

Following the deal’s finalization, a significant rebranding will occur, transitioning the Satang crypto exchange to “Orbix”. Furthermore, Orbix will encompass three new subsidiaries:

Orbix Custodian: A focused entity for safeguarding digital assets.
Orbix Invest: A digital asset fund management platform.
Orbix Technology: Dedicated to blockchain tech development.

This strategic move comes hot on the heels of K-Bank’s recent launch of a $100 million fund specifically targeting the rapidly growing sectors of web3, fintech, and AI. Notably, this isn’t a solo journey for K-Bank. Siam Commercial Bank (SCB), another heavyweight in the Thai financial scene, mirrors K-Bank’s aggressive foray into the web3 and crypto arena.

Kasikornbank’s Future Vision

Udomsak Rakwongwan, co-founder of FWX.finance – a fintech company with K-Bank investment, and a professor at Kasetsart University, emphasized K-Bank’s accelerated endeavors within the crypto world.

With an eye on providing a comprehensive range of crypto services allowed in Thailand, K-Bank is shaping up as a significant counterpart to SCB in the digital assets sphere.

Rakwongwan said

Highlighting the distinctive nature of the Thai crypto scene, Rakwongwan added that K-Bank has already obtained a crypto exchange license and remains active in procuring all requisite permissions for crypto operations in the country. He stressed that the Thai market stands out due to its considerable institutional backing.

In a testament to Thailand’s burgeoning crypto scene, other major players, such as the energy titan Gulf, have not remained silent. Collaborating with crypto behemoth Binance via its Gulf Innova fund, the aim is to introduce a localized, fully-regulated version of the exchange catering to the Thai market.

The collective push by significant Thai enterprises into crypto underscores the nation’s commitment to integrating and fostering the digital asset revolution.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti