Kasikornbank makes main transfer into crypto with $103 million acquisition

Thailand’s second-largest lender by property, Kasikornbank (KBank), has made a major entry into the cryptocurrency market with the acquisition of a 97% stake in native crypto trade Satang. The deal, carried out by means of KBank’s digital asset funding subsidiary, Unita Capital, was valued at 3.7 billion Thai baht ($103 million).

Following this acquisition, Satang will bear a rebranding and can now be generally known as Orbix Commerce Firm Restricted. The corporate shall be cut up into three divisions: Orbix Custodian, a safe custody platform; Orbix Make investments, a enterprise arm; and Orbix Know-how for blockchain growth.

The founding father of Satang and creator of Firo, a privacy-focused cryptocurrency, Poramin Insom confirmed the acquisition. Along with its core crypto trade companies, Satang runs companies resembling Satang Know-how which supplies blockchain companies and Satang Area, which is concerned in space-related enterprise.

This acquisition comes on the heels of KBank’s latest launch of a $100 million fund aimed toward investments in Web3, fintech, and AI sectors. Thai NVDR Firm Restricted holds the bulk stake in KBank, with the Inventory Alternate of Thailand proudly owning most NVDR shares.

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