Thai Bank Acquires 97% Stake in Bitcoin and Crypto Exchange

In a strategical determination that solidifies its beingness successful the cryptocurrency sector, Thailand's Kasikorn Bank has announced the acquisition of a 97% involvement successful Satang Corporation Company Limited, the genitor institution of the Satang cryptocurrency exchange.

The deal, valued astatine 3.705 cardinal Thai baht ($102.8 million), was conducted done a recently formed Kasikorn Bank subsidiary called Unita Capital, specifically created for investments successful integer plus companies, according to local quality sources.

Kasikorn is the country's second-largest slope by assets nether management, according to 2023 information from Statista.

Following the finalization of the acquisition, Satang Corporation volition beryllium rebranded arsenic Orbix Trade Company Limited. 

In summation to the speech services, the recently formed institution volition found 3 further subsidiaries: Orbix Custodian, Orbix Invest (a integer plus money manager), and Orbix Technology, a blockchain exertion developer.

Kasikorn's enactment for Bitcoin specifically, arsenic opposed to different cryptocurrencies and integer tokens, is astatine this clip unclear.

This announcement follows K-Bank's caller motorboat of a $100 cardinal money designed to people investments successful web3, fintech, and artificial intelligence. Its counterpart, Siam Commercial Bank (SCB), is besides reportedly making notable strides into web3 and the cryptocurrency space. Both banks are vying to connection a afloat spectrum of crypto services permissible wrong the regulatory model successful Thailand.

SCB had earlier this twelvemonth attempted a similar acquisition of a determination rival, though it was notably stalled implicit regulatory issues.

Kasikorn Bank has acceptable an ambitious extremity to seizure 20% of the cryptocurrency marketplace stock successful Thailand by the twelvemonth 2024, marking its committedness notable astatine a clip erstwhile galore planetary banks stay connected the sector's sidelines.