Thailand’s second-largest bank by assets, Kasikornbank, gets into crypto with a majority investment in the local crypto business, Satang. One of the biggest Thai banks – Kasikornbank, has decided to buy a controlling share of Satang, a local crypto company.
As announced yesterday by SET, Kasikorbnak – also known as KBank – took a 97% stake in the operator of Thai’s Satang Crypto exchange. As stated by Kasikornbank, the acquisition is around btt3.7 billion or equivalent to USD103 million.
K-Bank’s subsidiary, “Unita Capital,” which specializes in investing in the digital assets business line, is carrying out the transaction, as per the official announcement.
Satang Corporation intends to rename it into Orbix Trade Company after a takeover bid occurs. Kasikornbank envisions using three businesses, Orbis Custodian, Orbix Invest, and Orbix Technology, for its crypto business.
Satang Corporation holds a key position on the Thai scene of crypto exchange and digital assets in general. Poramin Insom, who launched Firo (FIRO), ex-Zcoin, is a founder of Satang.
Kasikornbank Confirms Insom Takeover
On Oct. 30, Insom confirmed its takeover was by Kasikornbank via Facebook. “I’ve been at Satang since 2017 until now, six years have passed,” Insom said, adding:
The headline of the news reads: “Satang is out! Wait for official notification.
In addition, he informed us of the other organizations under Satang’s umbrella, like Satang Technology – a blockchain service platform – and Satang Space.
“It does not affect me, and hence, I have reported here. Just in the eventuality that Satang’s corporate customers may get shocked if they experience what the future holds,” asserted Satang’s Chief Executive officer.
This announcement followed closely after KBank launched a $100 million fund on Web3, fintech, and artificial intelligence in September 2023. This is said to be one of the largest lenders in Thailand after Bangkok Bank.
Thai NVDR Company Limited is the largest shareholder of KBank, as documented by the Sources of Information and Tables (SET). NVDR has 99.9% of its share value owned by The Stock Exchange of Thailand.