Kasikorn Bank Acquires Majority Stake in Satang, Expands Presence in Thai Crypto Market

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Thailand’s Kasikorn Bank (K-Bank) has acquired a 97 percent stake in local cryptocurrency exchange Satang, signaling its entry into the Thai digital asset market. The deal, valued at $102.8 million, provides K-Bank with a strong foundation to expand its digital asset services. K-Bank’s subsidiary, Unita Capital, executed the acquisition as part of the bank’s broader strategy to invest in digital asset companies. The bank aims to capture a 20 percent market share in the Thai crypto market by 2024. Following the acquisition, Satang will be rebranded as Orbix and introduce three additional subsidiaries to offer a comprehensive suite of digital asset services. Traditional financial institutions in Thailand, including K-Bank’s rival Siam Commercial Bank, have also shown interest in the crypto market. However, regulators in the country have been tightening rules surrounding crypto exchanges to protect investors and ensure market stability. K-Bank’s acquisition of Satang demonstrates its commitment to expanding its presence in the Thai market and meeting the evolving needs of its customers.

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