Thailand’s second-largest bank, Kasikornbank, has announced today that it is acquiring 97% of shares in a local crypto exchange through a subsidiary. Indeed, a letter filed today shows the KBank acquisition, which is set to diversify its offerings and grow its crypto business. The bank acquired the Stanag Corporation crypto exchange and is expected to receive a rebrand upon finalization. Specifically, KBnak has planned to change the name to Orbix Trade Co. Ltd., according to the filing. Conversely, the acquisition was achieved through the subsidiary Unita Captial.
The year has certainly been an important one for the digital asset sector. Specifically, it has seen countries and businesses solidify their stance on the growing relevance of the industry. Subsequently, we have seen regulation develop across the globe, and a host of businesses seek an expanded point of entry.
Now, the latter has come to fruition yet again. Specifically, Thailand’s second-largest bank has acquired a local crypto exchange. Indeed, Kasikornbank, known as KBank, has acquired 97% of shares in the country’s Satang Corporation. Additionally, the move sees KBank seek to grow its presence in the digital asset sector.
The filing states that the acquisition occurred through Unita Capital, which is a subsidiary of KBank. Moreover, the filing notes a registered capital of 3.7 billion Baht, which equates to more than $102 million. Additionally, Unita Captial has instituted three different subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology. Therefore, the filing shows these entities in place for digital asset management, custody, and development.
The acquisition comes after KBank had previously announced a $100 million Web3 and AI investment fund last month. Indeed, that KXVC fund was put in place by the bank’s technology facet, Kasikorn Business Technology Group.
Kasikornbank, Thailand’s second-largest bank, is acquiring a local crypto exchange, Satang Corporation, through its subsidiary Unita Captial. The move seeks to diversify its offerings and grow its crypto business, as well as to provide digital asset management, custody, and development for its customers. This is the latest in a series of moves from the bank to expand its presence in the digital asset sector, following the announcement of a $100 million Web3 and AI investment fund last month.
You can read more about this topic here: Watcher Guru: Thailand’s Second-Largest Bank Acquires Local Crypto Exchange