Thailand's Kasikornbank (KBank), the country's second-largest commercial bank, has acquired local cryptocurrency exchange Satang through its digital asset subsidiary Unita Capital. This strategic move follows KBank's recent launch of a $100 million Web3 and AI investment fund in September 2023.
Key Details of the Satang Acquisition
- Acquisition Structure: KBank purchased 97% shares of Satang's parent company via Unita Capital
- Valuation: Satang valued at 3.705 billion THB (~$102.8 million)
- Rebranding Plan: Satang will be renamed Orbix post-acquisition
New Subsidiaries:
- Orbix Custodian (digital asset custody)
- Orbix Invest (digital asset fund management)
- Orbix Technology (blockchain development)
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KBank's Growing Crypto Ecosystem
The acquisition complements KBank's existing digital asset initiatives:
- Recently obtained cryptocurrency trading license
- Actively pursuing additional crypto licenses in Thailand
$100 million "Kasikorn X Venture Capital" fund launched in September for:
- Web3 startups
- AI technologies
- Fintech innovation
A KBank representative stated:
"We're committed to providing fully compliant, comprehensive cryptocurrency services to compete with other Thai banking giants like SCB."
Satang's Market Position
According to CoinMarketCap data:
- Rank: ~150th among global exchanges
- 24h Trading Volume: $660,000
- Potential Growth: Expected to expand with KBank's institutional backing
Thailand's Evolving Crypto Landscape
This acquisition reflects Thailand's progressive stance on digital assets:
- Increasing institutional adoption
- Regulatory clarity for crypto businesses
- Growing Web3 investment activity
👉 Explore Asia's booming blockchain ecosystem
Frequently Asked Questions
Why did KBank acquire Satang?
KBank aims to establish a regulated, end-to-end cryptocurrency service platform, combining Satang's exchange infrastructure with its banking expertise.
How will Satang change under KBank?
The exchange will rebrand as Orbix and expand into custody services, asset management, and blockchain development through new subsidiaries.
What does this mean for Thailand's crypto market?
This signals increased institutional participation and could accelerate mainstream crypto adoption in Southeast Asia's second-largest economy.
When was KBank's Web3 fund established?
The $100 million investment fund launched in September 2023, focusing on AI, Web3, and fintech startups across Asia-Pacific.
How competitive is Thailand's crypto exchange market?
The market is becoming increasingly competitive with both traditional banks (KBank, SCB) and dedicated crypto platforms vying for dominance.
What regulatory approvals does KBank have?
The bank currently holds a cryptocurrency trading license and is pursuing additional digital asset licenses from Thai regulators.