- Kasikorn Bank (K-Bank) in Thailand has acquired a 97% stake in the parent company of cryptocurrency firm Satang, rebranding it as Orbix with a comprehensive investment of 3.705 billion Thai baht (around $102.8 million).
- The deal introduces subsidiaries under Orbix, focusing on digital asset management, custody, and blockchain technology, as K-Bank advances its cryptocurrency-related services in alignment with legal standards in Thailand.
A Monumental Move in Crypto by K-Bank
Thailand’s Kasikorn Bank (K-Bank) has firmly positioned itself within the cryptocurrency landscape, announcing a major investment and acquisition. The bank recently secured a 97% stake in the parent company of Satang, a digital asset exchange service provider, totaling an investment of 3.705 billion Thai baht, approximately $102.8 million. The transaction, operational from October 27, marks a significant leap for K-Bank in the digital asset domain.
A new subsidiary of K-Bank, Unita Capital, was at the forefront of this acquisition, establishing itself as a significant player in the Asian buyout market with a keen focus on digital asset companies.
Orbix: A New Chapter for Digital Assets
Following the acquisition, Satang is set to undergo a transformative rebranding, emerging as Orbix. This new entity will house three critical subsidiaries: Orbix Invest, focusing on digital asset fund management; Orbix Custodian, providing secure digital asset custody services; and Orbix Technology, dedicated to the development and curation of blockchain technology.
Earlier in the year, K-Bank expressed its ambitions to raise $100 million in funding, pinpointing specific areas of interest such as Web3, fintech, and AI development. With this acquisition, K-Bank aligns itself competitively with the Siam Commercial Bank (SCB), a leading rival, as it endeavors to provide a comprehensive suite of legally compliant crypto-related services in Thailand. K-Bank, an investor in FWX, a decentralized derivatives platform, has already acquired a crypto exchange license and is actively pursuing the remaining required licenses.
Crypto’s Warm Reception in Thailand
Thailand is undergoing a significant transformation in its approach to cryptocurrency. The country has unveiled plans to revise income tax laws concerning overseas earnings, set to take effect in January 2024, with comprehensive tax reforms and laws anticipated in 2025. This demonstrates a positive and encouraging stance towards the adoption of crypto within the country.
Furthermore, Binance, the world’s largest cryptocurrency exchange, has recently made strides in Thailand, acquiring a Digital Asset Operator license. In partnership with Gulf Innova Co. Ltd., Binance has established Gulf Binance, solidifying its presence and commitment to the Thai digital asset market.