Kasikorn Bank (K-Bank) has made a major move into the cryptocurrency sector by acquiring a 97% stake in the parent company of Satang crypto exchange. K-Bank executed the $102.8 million acquisition through its digital asset investment subsidiary Unita Capital.
Once the deal is finalized, Satang will be rebranded as Orbix under K-Bank’s expanding digital asset strategy. Orbix will also oversee subsidiaries focused on crypto custody, investing, and blockchain development.
The acquisition comes as K-Bank ramps up its crypto offerings to align with Thailand’s regulatory environment. Rival Siam Commercial Bank has taken a similar path, highlighting the growing prominence of crypto in Thai finance.
K-Bank recently launched a $100 million fund for web3, fintech, and AI investments. Experts say Thailand offers unique institutional support and opportunities in crypto compared to other markets. The bank aims to capture 20% of the Thai crypto market by 2024.
The move cements K-Bank’s footprint in the cryptocurrency space. As adoption grows, more traditional financial institutions are acquiring or building crypto services. K-Bank’s majority stake in a top exchange signals a broader convergence between crypto and banking in Thailand.
