Kasikorn Bank’s K-Bank Acquires Satang Crypto Exchange, Expanding into Digital Assets with Orbix Rebrand

Kasikorn Bank’s K-Bank Acquires Satang Crypto Exchange, Expanding into Digital Assets with Orbix Rebrand

Crypto News – Thailand’s Kasikorn Bank, also known as K-Bank, has announced its acquisition of the parent company of the Satang cryptocurrency exchange, which has been in operation since 2017. Reports indicate that K-Bank has acquired a 97% stake in the parent company for 3.705 billion Thai baht (approximately $102.8 million). This strategic move was executed through a newly established K-Bank subsidiary named Unita Capital, tasked with investments in digital asset companies.

Upon the completion of this transaction, the Satang cryptocurrency exchange will undergo a rebranding to become Orbix. Additionally, three new subsidiaries will be established: Orbix Custodian, Orbix Invest (a digital asset fund management entity), and Orbix Technology, dedicated to blockchain technology development.

This announcement comes on the heels of K-Bank’s launch of a $100 million fund, aimed at ventures in the web3, fintech, and artificial intelligence sectors. This initiative is a response to Siam Commercial Bank’s (SCB) proactive foray into the Web3 domain, ensuring K-Bank remains competitive in this rapidly evolving landscape.

Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, an entity in which K-Bank has invested, expressed that K-Bank is significantly increasing its involvement in the cryptocurrency sector, positioning itself alongside SCB. Their shared goal is to provide a comprehensive range of crypto services approved within the regulatory framework of Thailand.

Through this strategic maneuver, K-Bank intends to cater to traditional financial stakeholders, including consumers, corporations, and small and medium-sized enterprises (SMEs). Their focus will particularly revolve around consumer-oriented AI, cybersecurity, node validation, zero-knowledge proofs (ZKP), wallets, and the mainstream adoption of non-fungible tokens (NFTs).