Thailand’s Kasikorn Bank has acquired a 97% stake in Satang Corporation, the parent company of Satang cryptocurrency exchange, for $102.8 million. To expand its presence in the digital asset space, the bank has created a subsidiary called Unita Capital. In addition to exchange services, the newly formed company, soon to be known as Orbix Trade, will establish three subsidiaries focused on custodian services, fund management, and blockchain technology development. The bank’s goal is to acquire 20% of the cryptocurrency market share in Thailand by 2024.
This acquisition solidifies Kasikorn Bank’s position in the digital asset industry. By investing in Satang Corporation, the bank aims to tap into the growing popularity of cryptocurrency in Thailand and capitalize on its potential. As part of its expansion plans, the bank has formed Unita Capital, which will be rebranded as Orbix Trade. The subsidiary will offer exchange services and establish three subsidiaries to provide custodian services, manage funds, and develop blockchain technology.
Kasikorn Bank’s ambitious target is to secure 20% of the cryptocurrency market share in Thailand by 2024. With this acquisition, the bank aims to strengthen its foothold in the digital asset sector and capitalize on the increasing demand for cryptocurrency services in the country. By establishing Orbix Trade and its three subsidiaries, the bank aims to position itself as a major player in the Thai digital asset industry.
Source link : Kasikorn Bank Buys Majority Stake in Satang Crypto Exchange
