Leading the charge in Thailand is Kasikornbank, also popularly known as K-Bank. The bank's recent acquisition of the majority stake in the crypto exchange, Satang, for a significant 3.7 billion Thai baht ($102.8 million) through its fully-owned subsidiary, Unita Capital, has become a hot topic in the finance community.
Why is This Acquisition Significant?
Kasikornbank's move is indicative of the growing acceptance of digital assets by mainstream financial institutions. By acquiring Satang through its subsidiary, Unita Capital, K-Bank not only diversifies its portfolio but also signals confidence in the future of digital currencies in Thailand.
After the acquisition, Satang will undergo a rebranding and adopt the new name, Orbix Trade Company Limited, as indicated in the official filing.
Satang's Legacy and Future
Operating since 2017, Satang has made a name for itself as Thailand's longest-standing crypto exchange. With K-Bank's acquisition, the exchange will undergo a rebranding, taking on the new name - Orbix Trade Company Limited. This rebranding hints at a broader vision and expansion plans under the bank's leadership.
Unita Capital's Role
K-Bank's fully-owned subsidiary, Unita Capital, played a pivotal role in this acquisition. But that's not all. Unita Capital is spearheading the crypto drive by introducing three new entities:
Orbix Custodian, focusing on digital asset custody.
Orbix Invest, dedicated to digital asset fund management.
Orbix Technology & Innovation Company Limited, targeting blockchain infrastructure development.
The Broader Picture
K-Bank's acquisition is a reflection of the broader trend in the financial world. Traditional banking institutions globally are recognizing the potential of digital assets, blockchain technology, and the benefits they bring to the table.
With a presence in over 1,000 locations in Thailand and branches in China, Kasikornbank's move into the crypto world might pave the way for other institutions to follow suit. Moreover, as K-Bank has recently launched a tech venture fund focused on AI and Web3, it's evident that the bank is positioning itself as a leader in the digital transformation wave.
In conclusion, as the lines between traditional finance and cryptocurrency blur, K-Bank's acquisition of Satang is a testament to the bright future of digital assets in Thailand and beyond.