- Kasikornbank (KBank) acquires 97% majority stake in Thai crypto exchange Satang, valued at $103 million.
- Satang to rebrand as Orbix Trade Company Limited under KBank’s crypto division, featuring Orbix Custodian, Orbix Invest, and Orbix Technology.
- KBank’s expansion into the cryptocurrency industry complements its $100 million fund for Web3, fintech, and AI, emphasizing its commitment to digital asset opportunities.
Thai banking giant Kasikornbank (KBank) is making a bold foray into the cryptocurrency industry, having recently acquired a substantial majority stake in Satang, a leading local crypto exchange. This strategic move underscores KBank’s commitment to embracing the digital asset realm and broadening its portfolio.
KBank acquired a commanding 97% share of Satang’s operator, marking a significant milestone in the bank’s digital transformation journey. Valued at 3.7 billion Thai baht (approximately $103 million), this acquisition was officially confirmed through KBank’s subsidiary, Unita Capital, specifically established for investments in the digital asset sector.
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Satang Transforms to Orbix Trade Company Limited
As a result of this acquisition, Satang Corporation is set to undergo a notable transformation, rebranding itself as Orbix Trade Company Limited. This shift is pivotal in KBank’s crypto-focused strategy, which will now comprise three key divisions:
- Orbix Custodian: This division will serve as a custody platform for safeguarding digital assets.
- Orbix Invest: KBank’s venture arm will focus on investments within the crypto industry.
- Orbix Technology: Dedicated to blockchain innovation, this division will play a crucial role in driving advancements within the blockchain technology landscape.
Satang’s Prominence in the Thai Crypto Scene
Satang is a well-established entity in Thailand’s cryptocurrency ecosystem, offering a comprehensive range of digital asset services alongside its cryptocurrency exchange. Poramin Insom, the founder of Satang, is renowned for his role in launching the privacy-centric cryptocurrency Firo (formerly known as Zcoin).
In a statement issued on October 30, Poramin Insom affirmed KBank’s acquisition and assured clients that the current services would continue uninterrupted. Satang’s diverse portfolio includes Satang Technology, a blockchain service platform, and Satang Space, a venture with a focus on space-related initiatives.
KBank’s Broader Investment Strategy
This expansion into the cryptocurrency domain aligns with KBank’s recent initiatives, including the launch of a $100 million fund in September 2023. This fund is designed to target various technology sectors, encompassing Web3, fintech, and artificial intelligence, highlighting KBank’s aspiration to diversify and explore opportunities in an ever-evolving financial landscape.
The Stock Exchange of Thailand’s data reveals that Thai NVDR Company Limited holds the largest share in KBank, with the Stock Exchange of Thailand itself owning 99.9% of NVDR’s shares. This strategic acquisition signifies a significant step for KBank as it seeks to remain at the forefront of the ongoing transformation in the financial industry.
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