Kasikornbank
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Kasikornbank, a major Thai bank, has acquired a 97% stake in the parent company of Satang, a locally regulated digital asset exchange, for 3.705 billion Thai baht (approximately $103 million) through Unita Capital. Following the acquisition, Candy will be rebranded as Orbix, and Kasikorn Bank will establish three new subsidiaries: Orbix Custody, Orbix Invest, and Orbix Technology. Kasikorn Bank aims to secure a 20% share of the Thai cryptocurrency market by the next year. 🏦🇹🇭💱 #Kasikornbank #DigitalAssetExchange
Thailand's #Kasikornbank has successfully acquired a 97% stake in the parent company of the #Satang cryptocurrency exchange, as confirmed in a filing to the Stock Exchange of Thailand on Monday. Following this acquisition, the exchange is set to be rebranded as #OrbixTradeCo. Ltd.
In addition to this major development, Kasikorn Bank has also established three new subsidiaries: Orbix Custodian, responsible for crypto custody services; Orbix Invest, serving as a fund management entity; and Orbix Technology, dedicated to #blockchain development.
This strategic move involved a deal worth 3.705 billion Thai baht (equivalent to US$102.8 million) and was executed through Unita Capital, a subsidiary of Kasikorn Bank specially focused on investments in digital asset companies.
Kasikorn Bank, commonly known as K-Bank, stands as Thailand's second-largest bank by assets, boasting a management portfolio of 1.5 trillion baht (US$41.6 billion) as of the close of 2022.
As part of its commitment to technology and innovation, the bank initiated a US$100 million fund on September 14, concentrating on the Web3 and fintech sectors. This fund aims to invest in emerging tech startups globally, with a particular emphasis on the Asia-Pacific (APAC) region, as declared in a K-Bank announcement.
The Satang cryptocurrency exchange, which originally launched in Thailand in 2017, presently offers 40 cryptocurrency trading pairs and reports a 24-hour trading volume of US$481,412, according to data from #CoinMarketCap .
In addition to this major development, Kasikorn Bank has also established three new subsidiaries: Orbix Custodian, responsible for crypto custody services; Orbix Invest, serving as a fund management entity; and Orbix Technology, dedicated to #blockchain development.
This strategic move involved a deal worth 3.705 billion Thai baht (equivalent to US$102.8 million) and was executed through Unita Capital, a subsidiary of Kasikorn Bank specially focused on investments in digital asset companies.
Kasikorn Bank, commonly known as K-Bank, stands as Thailand's second-largest bank by assets, boasting a management portfolio of 1.5 trillion baht (US$41.6 billion) as of the close of 2022.
As part of its commitment to technology and innovation, the bank initiated a US$100 million fund on September 14, concentrating on the Web3 and fintech sectors. This fund aims to invest in emerging tech startups globally, with a particular emphasis on the Asia-Pacific (APAC) region, as declared in a K-Bank announcement.
The Satang cryptocurrency exchange, which originally launched in Thailand in 2017, presently offers 40 cryptocurrency trading pairs and reports a 24-hour trading volume of US$481,412, according to data from #CoinMarketCap .