Thai Bank Acquires Majority Stake in Crypto Exchange

Thailand’s second-largest bank, Kasikorn Bank, also known as K-Bank, has bought a significant 97% stake in a cryptocurrency exchange company. The bank spent $102 million to acquire this stake in the Satang crypto exchange.

K-Bank and Orbix: A New Chapter

As a result of this acquisition, the Satang crypto exchange will undergo a rebranding and will now be known as Orbix. This rebranded entity will house three digital assets subsidiaries, namely, Orbix Custodian, Orbix Invest, and Orbix Technology. These three divisions will function as a custodian, a digital assets fund manager, and a blockchain technology developer respectively.

K-Bank’s Digital Ambitions

K-Bank’s acquisition is a significant step in its aggressive strategy to establish a digital assets capability. The bank has made it public that it aims to control a 20% share of Thailand’s crypto market by the end of 2024.

In addition to the crypto exchange acquisition, K-Bank’s recent activities hint at its crypto ambitions. The bank has secured a crypto exchange license, sought other licenses related to digital assets, and launched a $100 million fund dedicated to Web3 investments.