Thailand’s 4th-largest bank buys $103M stake in crypto exchange

Kasikornbank, also referred to as K-Bank, on Monday announced its acquisition of a majority stake in the parent firm of local crypto exchange Satang.

In a filing to the Stock Exchange of Thailand, K-Bank President Pipit Aneaknithi disclosed that the acquisition, worth 3.7 billion Thai baht ($102.8 million), was made through the bank’s fully-owned subsidiary, Unita Capital. 

Following the takeover, Satang will renamed to Orbix Trade Company Limited, the filing showed.

Operating in Thailand since 2017, Satang claims to be the country’s longest-standing crypto exchange.

According to the filing, Unita Capital has also established three new subsidiaries: Orbix Custodian for digital…

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