Thailand-based Kasikorn Bank has acquired a majority stake of 97% in the parent firm of Satang cryptocurrency exchange. According to Kasikorn Bank, the exchange will be rebranded to Orbix Trade Co.

Lt after the deal, with the bank also opening three additional subsidiaries, including Orbix Custodian, Orbix Invest, and Orbix Technology. The deal was closed with USD 102.8 million via Unita Capital, a Kasikorn Bank subsidiary that intends to invest in digital asset companies. Also known as K-Bank, Kasikorn Bank is one of the largest banks in Thailand by assets, with USD 41.6 billion of assets under management at the end of 2022.

At the beginning of September 2023, a tech arm of the bank launched KXVC, a USD 100 million flagship fund targeting AI, Web3, and Deep Tech fintech startups worldwide with potential cooperation in the APAC region. Through this, Kasikorn Bank aims to develop financial innovations in the region by positioning itself as a regional gateway to aid global founders in AI, Web3, and Deep Tech.  The acquisition of the majority stakes comes as a response to Kasikorn Bank’s efforts in the cryptocurrency sector, positioning itself alongside SCB, and aiming to offer a full spectrum of crypto services permitted in Thailand, as per official statements. The bank also recently secured a crypto exchange licence and it pursuing the remaining ones.

Considering the current crypto market in Thailand, financial entities also receive support from institutions and the government to extend their operations into  the crypto sector. Satang’s products and offering Introduced in 2017 in Thailand, the Satang exchange currently provides 40 cryptocurrency trading pairs, with a 24-hour trading volume of USD 481.412, as per CoinMarketCap data. Operating under the regulatory sandbox of Thailand, Satang’s offering includes a mobile app, where individuals can buy, sell, and manage their digital assets, a shop for paying utilities, refilling gift cards, riding public transportation, or shopping online, a secure vault, as well as a nodes service for staking, which supports several cryptocurrencies, including Bitcoin and Zcoin. Furthermore, Satang provides individuals with the ability to trade digital assets on a secure, insurance-backed platform that allows them to conduct transfers between Satang Pro and Binance, one of the world’s largest crypto exchanges.

The company also holds the international ISO 27001, being fully regulated and licensed by SEC Thailand. Thailand’s cryptocurrency landscape As per Statista’s report, approximately 12% of the Thai population used cryptocurrency in 2022, with the popularity steadily growing over the past year despite several obstructions. Thailand was also one of the first countries to regulate cryptocurrency and issue licences for digital assets.

The crypto landscape expanded in Thailand during the COVID-19 pandemic when Bitcoin grew exponentially. Also in 2021, the country had the highest number of NFT users in the world, accounting for approximately 5.7 million. Bitkub, a Thai exchange platform, marketed the awareness of cryptocurrency among Thais by advertising on billboards, online ads, and public transport. Considering the high interest among individuals, Thailand’s government supports cryptocurrency acknowledging its potential use for national development.

.