Thailand’s Kasikorn Bank, known as K-Bank, recently acquired a substantial stake in the parent company of Satang crypto exchange, which has been operational in the country since 2017.
The deal, valued at 3.705 Billion Thai baht ($102.8 Million), was conducted through a new K-Bank subsidiary, Unita Capital, dedicated to investing in digital assets.
Following the acquisition, Satang crypto exchange will undergo a rebranding to Orbix, introducing three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, specialising in blockchain development.
Thailand Blockchain Ambitions
Thailand’s blockchain industry has been steadily gaining traction, with various initiatives driving its growth.
The country’s proactive approach to technological advancements, coupled with supportive government policies, has fostered an environment for blockchain development.
Collaborations between financial institutions and technology companies, such as Kasikornbank’s exploration of decentralised finance (DeFi), signify the integration of blockchain solutions within the Thai financial landscape.
Moreover, the nation’s inclination towards embracing digital innovation has positioned it as a player in the global blockchain arena, with an expanding network of blockchain-based projects and initiatives emerging across diverse sectors.
KBank Cryptocurrency Goals
The development follows K-Bank’s recent initiation of a $100 million fund dedicated to web3, fintech, and AI, demonstrating the bank’s deepening involvement in the cryptocurrency domain.
Udomsak Rakwongwan, a professor at Kasetsart University and the co-founder of FWX.finance, said:
“K-Bank is intensifying its efforts in the cryptocurrency sector, positioning itself alongside SCB. They are keen on offering a full spectrum of crypto services permitted in Thailand,”
Rakwongwan also highlighted K-Bank’s recent acquisition of a crypto exchange license and its ongoing pursuit of additional licenses, underscoring the high level of institutional support within the Thai market.
K-Bank sets its sights on securing 20% of the Thai crypto market share by 2024.