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Kasikorn Bank Buys Majority Stake in Satang Crypto Exchange
Thailand’s Kasikorn Bank has acquired a 97% stake in Satang Corporation, the parent company of the Satang cryptocurrency exchange, for $102.8 million.
Key Takeaways
- Kasikorn Bank’s acquisition of a majority stake in Satang Corporation solidifies its presence in the cryptocurrency sector and demonstrates its commitment to capturing a significant share of the market in Thailand.
- The newly formed company, Orbix Trade, will not only operate a cryptocurrency exchange but also establish subsidiaries for custodian services, digital asset fund management, and blockchain technology development.
- Kasikorn Bank’s strategic move follows its launch of a $100 million fund and highlights its focus on investments in web3, fintech, and artificial intelligence, positioning itself as a key player in the evolving digital asset landscape.
The bank has created a subsidiary called Unita Capital for investments in digital asset companies. The newly formed company, to be rebranded as Orbix Trade, will provide exchange services and establish three subsidiaries for custodian services, fund management, and blockchain technology development.
Kasikorn Bank aims to capture 20% of the cryptocurrency market share in Thailand by 2024.
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