Kasikornbank Takes Big Crypto Leap through Majority Stake Purchase in Satang Corporation
Summary:
Thailand's prominent Kasikornbank (KBank) is venturing into the cryptocurrency sector by acquiring 97% shares of Satang Corporation, a significant player in Thailand's crypto business. The acquisition, valued at about $103 million, is facilitated by KBank's new subsidiary, Unita Capital. Post-acquisition, Satang is set to change its name to Orbix Trade Company Limited, branching into three divisions. The news follows KBank's announcement to launch a $100 million fund targeting Web3, fintech, and AI in September 2023. KBank is Thailand's second-largest lender by assets.
Kasikornbank, a top-ranking bank in Thailand, takes a giant leap into the world of cryptocurrency by procuring a predominant share in the domestic crypto enterprise, Satang. Often referred to as KBank, it now owns 97% of stakes in the company that runs the Satang crypto exchange in Thailand. This development was unveiled on the Thai Stock Exchange's site, as of October 30. The value of this acquisition by Kasikornbank approximates to 3.7 billion Thai baht, translating into $103 million. The purchase is facilitated by KBank's new offshoot, Unita Capital, dedicated to investment in the digital asset industry.
Post this acquisition, Satang Corporation anticipates a name change to Orbix Trade Company Limited. The crypto operations of Kasikornbank will branch out into three parts: Orbix Custodian taking care of custody services, Orbix Invest dealing in venture capital, and Orbix Technology focusing on blockchain technology development.
Satang Corporation serves as a significant player in Thailand's crypto business, running a crypto exchange and providing other digital asset services. Satang was founded by Poramin Insom, who is celebrated for introducing the privacy-centric cryptocurrency Firo (FIRO), previously known as Zcoin.
Insom confirmed the acquisition news via a Facebook post on October 30. He recounted his journey with Satang, dating back to 2017, and assured of an official announcement soon. He also noted that Satang’s umbrella includes blockchain solution provider Satang Technology and the space-centric Satang Space.
This development follows closely on the heels of KBank’s earlier bid to launch a $100 million fund, in September 2023, aiming to propel Web3, fintech, and artificial intelligence. KBank stands out as Thailand’s second-largest lender by assets, outperformed only by Bangkok Bank. According to the figures from the Stock Exchange of Thailand, Thai NVDR Company Limited emerges as KBank's principal shareholder, with the Thai Stock Exchange owning an overwhelming 99.9% of NVDR's shares.
Published At
10/30/2023 9:16:06 AM
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