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Thailand’s Kasikornbank, or simply KBank, is investing $103 million to acquire Satang crypto exchange. The purchase of a majority stake in the crypto firm also signifies the bank’s move into the cryptocurrency business.
KBank is said to be the second-largest lender in Thailand based on assets. Through Satang, it is now officially entering the crypto game.
Size of Shares and Value of the Acquisition
As per CoinTelegraph, Kasikornbank acquired a huge 97% shares in the Satang crypto exchange, which operates in the country. The size of the stake was confirmed as it was posted on the Stock Exchange of Thailand (SET) website for the announcement.
KBank said that it will be paying 3.7 billion Thai baht or roughly $103 million for the Satang stakes it will purchase. It was added that the bank is coursing the transaction through Unita Capital, its newest subsidiary. KBank’s Unita Capital is said to be specializing in investment in the digital asset business.
Rebranding After the Acquisition’
Moreover, Crypto Potato reported that Unita Capital will oversee the acquisition and is set to introduce three key divisions aimed at the digital asset space. Also, once the sale is completed, Satang Corporation will be renamed Orbix Trade Company Limited.
KBank’s new crypto business will have these three divisions as well: Orbix Custodian, a crypto custody platform, Orbix Invest, the venture unit, and Orbix Technology & Innovation Ltd., the unit focused on blockchain technology infrastructure with a capital of 260 million baht.
“Other companies of Satang, whether it is Satang Technology that provides blockchain services, or Satang Space that operates in space, will continue to operate unaffected,” Satang’s founder, Poramin Insom, said in a post on social media, confirming the KBank acquisition deal and the new services. “So I reported here. In case Satang’s corporate customers are shocked at what the existing services will be like in the future.”
Photo by: Kanchanara/Unsplash
