Thailand’s KBank acquires crypto exchange business Satang

Thailand’s Kasikornbank, 1 of the largest banks successful the country, is moving into the cryptocurrency manufacture by acquiring a bulk involvement successful the section crypto concern Satang.

Kasikornbank, besides known arsenic KBank, acquired 97% of shares successful the relation of Thailand’s Satang crypto exchange, according to an announcement published connected Oct. 30 connected the website of the Stock Exchange of Thailand (SET).

According to Kasikornbank, the acquisition is valued astatine 3.7 cardinal Thai baht, oregon astir $103 million. The transaction is being made done K-Bank's caller subsidiary called Unita Capital, which is focused connected concern successful the integer plus industry, the connection notes.

Following the acquisition, Satang Corporation is acceptable to alteration its sanction to Orbix Trade Company Limited. Kasikornbank’s crypto concern volition person 3 divisions, including the custody level Orbix Custodian, the task limb Orbix Invest and Orbix Technology, a blockchain exertion developer.

Satang Corporation is simply a large cryptocurrency concern successful Thailand, operating a crypto speech and different integer plus services. Satang’s laminitis Poramin Insom is known for launching the privacy-focused cryptocurrency Firo (FIRO), formerly known arsenic Zcoin.

Insom took to Facebook connected Oct. 30 to confirm the acquisition by Kasikornbank. “I’ve been astatine Satang since 2017 until now, six years person passed,” Insom said, adding:

“Currently, Satang connected the trading committee has already exited according to the news. And determination should beryllium an authoritative announcement soon.”

He besides mentioned that Satang’s different companies see the blockchain work level Satang Technology and space-related Satang Space.

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“I inactive proceed to bash it without being affected. So I reported here. In lawsuit Satang’s firm customers are shocked astatine what the existing services volition beryllium similar successful the future,” Satang CEO noted.

The announcement comes soon aft KBank launched a $100 cardinal money targeting Web3, fintech, and artificial quality successful September 2023. The slope is reportedly Thailand's second-largest lender by assets, pursuing lone Bangkok Bank. According to information from SET, Thai NVDR Company Limited is the largest shareholder of KBank. The Stock Exchange of Thailand owns 99.9% of NVDR’s shares.

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