Kasikorn Bank, known as K-Bank, has announced its acquisition of a 97% stake in the parent company of the Satang crypto exchange, a key player in Thailand’s crypto scene since 2017. The deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through K-Bank’s newly established subsidiary, Unita Capital. Unita Capital specializes in investments in digital asset companies.
Upon the completion of the acquisition, Satang will undergo a rebranding and will be known as Orbix. The transformed entity will also introduce three subsidiary companies: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
This strategic move by K-Bank follows the launch of a $100 million fund targeting web3, FinTech, and AI, showcasing their commitment to diversify into emerging digital markets. K-Bank’s competitor, Siam Commercial Bank (SCB), is also actively pursuing opportunities in web3 and the crypto space.
Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, a company in which K-Bank has invested, commented on K-Bank’s increasing involvement in the cryptocurrency sector. Rakwongwan noted that K-Bank recently acquired a crypto exchange license and is actively seeking additional licenses related to crypto operations in Thailand. The Thai market stands out due to strong institutional support.
In addition to K-Bank and SCB, the Thai energy giant Gulf has entered the cryptocurrency market through a joint venture with Binance, facilitated by its Gulf Innova fund. This collaboration aims to introduce a regulated, local version of the Binance exchange to the Thai market, adding further competition to the growing crypto sector.
As K-Bank continues its expansion into the crypto space, it aspires to capture 20% of the crypto market share in Thailand by the year 2024. This intensifying competition among major players is poised to reshape the dynamics of the cryptocurrency business in Thailand, potentially posing challenges for smaller entities operating in the sector.