Thailand's Kasikornbank, also known as KBank, has taken a significant step into the cryptocurrency space by acquiring a 97% stake in Satang, a local cryptocurrency exchange operator. The deal, valued at 3.7 billion baht (approximately $103 million), was finalized through KBank's subsidiary Unita Capital. Unita Capital focuses on digital asset industry investments and played a key role in this acquisition. Upon completion of the purchase, Satang Corporation will be rebranded as Orbix Trade Company Limited, reflecting KBank's foray into the crypto sector.
Satang is a prominent player in Thailand's cryptocurrency landscape, offering a range of digital asset services, including cryptocurrency exchanges. The company's founder, Poramin Insom, is notable for creating the privacy-focused cryptocurrency Firo (formerly known as Zcoin). Insom confirmed the acquisition by KBank on his Facebook page. He reassured that his other ventures, such as Sadang Technology (a blockchain service platform) and Sadang Space (a space-focused project), remain unaffected by the change. Insom highlighted that the transition would have no impact on existing services provided to Satang's enterprise customers.
KBank's move into the cryptocurrency sector involves dividing its crypto business into three separate divisions. These divisions are Orbix Custodian, a custody platform; Orbix Invest, a venture capital arm; and Orbix Technology, a blockchain technology development unit. This expansion into cryptocurrency follows KBank's launch of a $100 million fund in September 2023, which is aimed at investments in Web3, fintech, and artificial intelligence.
Kasikornbank is one of Thailand's largest banks and is considered the second-largest by assets, following Bangkok Bank. The bank's largest shareholder is Thai NVDR Company Limited, while the Stock Exchange of Thailand holds 99.9% of NVDR shares.
