November 2, 2023
By Anjali Kochhar
The lender, also referred to as K-bank, said that it would create three more cryptocurrency subsidiaries.
In a report made on Monday to the Stock Exchange of Thailand, Kasikorn Bank of Thailand announced that it had purchased a 97% share in the parent company of the Satang cryptocurrency exchange.
According to Kasikorn Bank, the exchange will become Orbix Trade Co. Ltd. following the transaction.The bank also established three new subsidiaries: Orbix Invest, a fund management company; Orbix Custodian, a new cryptocurrency custody division; and Orbix Technologies, a blockchain development company.
With the purpose of investing in digital asset companies, Unita Capital, a new Kasikorn Bank affiliate, finalized the 3.705 billion Thai baht (US$102.8 million) agreement.
At the end of 2022, Kasikorn Bank, popularly referred to as K-Bank, had 1.5 trillion baht (US$41.6 billion) in assets under management, making it the second-largest bank in Thailand in terms of assets. On September 14, it introduced a US$100 million fund with a focus on finance and Web3. The fund, according to a K-bank release, intends to invest in rising tech businesses globally, with an emphasis on the APAC area.
In 2017, the Satang exchange was established in Thailand. According to CoinMarketCap data, it now offers 40 cryptocurrency trading pairs with a 24-hour trading volume of US$481,412.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.