KBank, Thailand’s fourth-largest bank, acquires a 97% stake in Satang Pro, a prominent cryptocurrency exchange, with a $103 million investment. This move reflects KBank’s commitment to digital assets and cutting-edge technologies in the financial market.
Kasikornbank (KBank), Thailand’s fourth-largest bank, has invested $103 million in acquiring a 97% stake in Satang Pro, a leading local cryptocurrency exchange. This strategic move highlights KBank’s dedication to the evolving digital asset landscape.
Established in 2017, Satang Pro is a well-regulated exchange in Thailand, despite previous issues. KBank plans to rebrand it as “Orbix Trade Co. Ltd.” as part of its broader strategy to invest in the cryptocurrency sector, Web3, and artificial intelligence.
KBank’s subsidiary, Unita Capital, is set to launch three divisions for the digital asset arena. Orbix Custodian focuses on digital asset custody, Orbix Invest operates as a digital asset fund manager, and Orbix Technology & Innovation is dedicated to advancing blockchain technology infrastructure.
This move aligns with KBank’s history of embracing cutting-edge technology, such as blockchain, and its commitment to innovation. The cryptocurrency market in Thailand gains traction as traditional financial institutions like KBank and Siam Commercial Bank enter the space.