Kasikornbank, the second largest bank in Thailand in terms of assets, has acquired a regional cryptocurrency exchange through an affiliate. Kasikornbank, also known as KBank, disclosed to the Thailand Stock Exchange that it had acquired 97% of Satang Corporation Company Limited’s shares via a statement. The company is actively involved in the trade of digital assets. The acquisition was officially consummated on October 27, 2023.
KBanks’ current game plan is to rename Satang as Orbix Trade Company Limited. KBank acquired the corporation with the assistance of its wholly-owned subsidiary, Unita Capital. It has a listed capital of $102.8 million, according to the KBank statement.
Unita Capital, on its part, has taken the initiative of establishing three affiliates, which include Orbix Custodian, Orbix Invest, and Orbix Technology and Innovation Company Limited. This is for the benefit of its digital asset custodian, along with fund control and blockchain framework development activities.
In September 2023, KBank made an official declaration that it would be funding an amount of $100 million towards Web3 and artificial intelligence-oriented startups. The fund, also known as KXVC, was established by KBank’s technology wing, known as Kasikorn Business Technology Group.
The fund will be eyeing AI as well as Web3 and advanced technology fintech startups internationally and concentrating on the Asia Pacific, as per the information divulged by the KBank team members.