cryptodnes.bg
Kasikornbank, Thailand's second largest financial institution, has made a strategic entry into the digital asset space by acquiring a local cryptocurrency exchange.
Popularly known as KBank, the bank revealed in a filing to the Stock Exchange of Thailand on Oct. 27 that it had acquired 97 percent of Satang Corporation Co.'s shares. Ltd. The statement also stated that Satang Corporation will undergo a rebranding to become Orbix Trade Co. Ltd.
This acquisition was made through Unita Capital, a wholly owned subsidiary of KBank with a registered capital of 3.7 billion baht ($102.8 million), as detailed in the filing.
In addition, Unita Capital has established three subsidiaries: Orbix Custodian, Orbix Invest and Orbix Technology & Innovation Co. Ltd., all of which will specialize in services related to digital asset custody, fund management and development of Block infrastructure.
This strategic move is in line with KBank's broader ambitions within the Web3 space. The bank previously announced the creation of a $100 million fund, called KXVC, dedicated to investing in Web3 and artificial intelligence ventures.
This development comes amid Thailand's introduction of stricter rules for traders cryptocurrencies – a measure aimed at increasing tax revenues.
In parallel, Prime Minister Sretha Thavisin's initiative to hand out 10,000 baht in digital currencies to all Thai citizens has been delayed, now expected at the end of the first quarter of 2024.
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