UK Markets Face Rising Volatility as Hedge Funds Target Pound and Gilts 
Insignia Financial Shares Hit 3-Year High Amid Bain and CC Capital Bidding War 
Bitcoin Consolidation Phase: BTCUSD Holds Support at USD 74,202 as Bulls Target USD 80,000 
Wall Street Rebounds as Investors Eye Tariff Uncertainty, Jobs Report 
DOJ Antitrust Chief Rejects Political Fast-Track for Paramount-Skydance Deal 
Why the Middle East is being left behind by global climate finance plans 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
KiwiSaver shakeup: private asset investment has risks that could outweigh the rewards 
SoftBank Eyes Up to $25B OpenAI Investment Amid AI Boom 
South Korea to End Short-Selling Ban as Financial Market Uncertainty Persists 
Goldman Sachs Delays Bank of England Rate Cut Forecast Amid Middle East Inflation Risks 
Ferrari Group to Launch IPO in Amsterdam, Targets Over $1 Billion Valuation 
OpenAI's Desktop Superapp: Unifying ChatGPT, Codex, and Browser Tools for Enterprise AI 
Bitcoin Eyes USD 80,000 Milestone: Institutional ETF Surge Fuels Bullish Breakout Momentum 
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
