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In an intriguing move, Thailand’s second-largest financial institution by total assets, Kasikornbank, is embarking on a transformative journey into the world of cryptocurrencies. Their chosen path involves acquiring a commanding majority stake in the indigenous crypto enterprise known as Satang.
Kasikornbank, or KBank for brevity, has masterfully secured a remarkable 97% share of the operator behind Thailand’s very own Satang cryptocurrency exchange. This bold move was announced on October 30, and the financial world witnessed this profound shift as it unfolded on the prestigious stage of the Stock Exchange of Thailand (SET).
As reported by Kasikornbank, this acquisition carries a substantial valuation of 3.7 billion Thai baht, which translates to approximately $103 million in the global financial landscape. Intriguingly, this transaction has been orchestrated under the banner of K-Bank’s freshly minted subsidiary, christened Unita Capital, a firm that is strategically aligned with investments in the burgeoning digital asset sector.
In the wake of this momentous acquisition, Satang Corporation is poised for a transformation, signaling a departure from its current nomenclature to embrace a new identity as Orbix Trade Company Limited. Delving deeper into Kasikornbank’s foray into the cryptoverse, it is evident that their crypto division will be multifaceted. This multifaceted venture encompasses the custody platform of Orbix Custodian, the enterprising arm of Orbix Invest, and Orbix Technology, a pioneering developer in the realm of blockchain technology.
Satang Corporation, the epicenter of this seismic shift, occupies a prominent position within Thailand’s burgeoning cryptocurrency domain. In addition to operating a dynamic crypto exchange, it offers a myriad of digital asset services. The luminary behind Satang, Poramin Insom, is celebrated for his pioneering role in the launch of Firo (formerly known as Zcoin), a cryptocurrency with a strong emphasis on privacy.
On the 30th of October, Poramin Insom took to the virtual realm of Facebook to validate and confirm the acquisition by Kasikornbank. Reflecting on his journey, he remarked, “I’ve been a part of the Satang family since 2017, and it’s been an incredible six-year odyssey.” Insom hinted at imminent official announcements and shared that Satang boasts an array of subsidiary companies, including the blockchain service platform, Satang Technology, and the celestial venture, Satang Space.
In conclusion, the announcement arrives in the wake of KBank’s unveiling of a substantial $100 million fund, designed to explore and invest in transformative sectors such as Web3, fintech, and the captivating realm of artificial intelligence. This move reinforces Kasikornbank’s status as the second-largest asset holder in Thailand, ranking just behind the venerable Bangkok Bank. To add an intriguing twist to the tale, the largest shareholder of KBank is none other than Thai NVDR Company Limited, while the Stock Exchange of Thailand proudly claims ownership of a staggering 99.9% of NVDR’s shares.