- K-Bank declared that it had acquired the majority of the parent company of the local cryptocurrency exchange Satang.
- K-Bank President revealed that the acquisition was worth $102.8 million in a filing to the Stock Exchange of Thailand.
- The bank is present in more than 1,000 domestic and international locations, mainly in China.
On Monday, Kasikornbank, popularly known as K-Bank, declared that it had acquired the majority of the parent company of the local cryptocurrency exchange Satang.
K-Bank President Pipit Aneaknithi revealed that the acquisition, which was made through the bank’s wholly-owned subsidiary Unita Capital, was worth 3.7 billion Thai baht ($102.8 million) in a filing to the Stock Exchange of Thailand.
Cryptocurrency exchange
The longest-running cryptocurrency exchange in Thailand, Satang, was purchased by K-bank, which also launched three new businesses: Orbix Custodian, which will handle digital asset custody; Orbix Invest, which will manage digital asset funds; and Orbix Technology & Innovation Company Limited, which will develop blockchain infrastructure.
Satang Bank has been operating in Thailand since 2017. The bank is present in more than 1,000 domestic and international locations, mainly in China.
About a month ago, the company announced the opening of a $100 million tech venture fund with a focus on deep tech, Web3, and artificial intelligence startups.
In the meantime, in early 2021, rival Siam Commercial Bank (SCB) founded SCB 10X, a blockchain and digital asset subsidiary. SCB renamed the parent company SCBx and launched a joint venture worth $600 million called the Global Disruptive Technology Venture Capital Fund.
SCB attempted to acquire a majority stake in Bitkub, a Thailand-based exchange, for more than $500 million, but was forced to back out when the exchange was asked to make changes by local authorities.
