By gaining control of the local cryptocurrency exchange Satang, Kasikornbank,

Thailand's second-largest lender by assets, is entering the cryptocurrency space.

One of the biggest banks in Thailand, Kasikornbank, is getting into the cryptocurrency space by buying the bulk of the local cryptocurrency exchange Satang.

An announcement posted on the Stock Exchange of Thailand (SET) website on October 30 stated that Kasikornbank, also referred to as KBank, had purchased 97% of the shares of the company that runs Thailand's Satang cryptocurrency exchange.

The acquisition is estimated to be worth 3.7 billion Thai baht ($103 million) by Kasikornbank. According to the announcement, the deal is being carried out through KBank's recently established subsidiary Unita Capital, which specialises in making investments in the digital asset sector.

Satang Corporation intends to rebrand as Orbix Trade Company Limited after the acquisition. Three departments will comprise Kasikornbank's cryptocurrency business: Orbix Custodian, a custody platform; Orbix Invest, a venture arm; and Orbix Technology, a blockchain technology developer.

Satang is a well-known cryptocurrency company in Thailand that offers a crypto exchange along with other services related to digital assets. Poramin Insom, the creator of Satang, is credited with introducing the privacy-focused cryptocurrency Firo (FIRO), originally known as Zcoin.

On October 30, Insom posted on Facebook to confirm Kasikornbank's takeover. Six years have elapsed since I started working at Satang in 2017," Insom stated.

As of right now, the news is that Satang has already left the trading board. Additionally, a formal announcement need to be made shortly.

He added that two of Satang's other businesses are space-related Satang Space and blockchain service platform Satang Technology.

I keep doing it without any negative consequences. So I made this report. In the event that the CEO of Satang's corporate clients are taken aback by what the company's current offerings will look like in the future.

The news follows KBank's September 2023 introduction of a $100 million fund aimed at Web3, fintech, and artificial intelligence. After Bangkok Bank, the bank is purportedly the second-biggest lender in Thailand in terms of assets. Thai NVDR Company Limited is KBank's biggest stakeholder, 

based on statistics from the SET. 99.9% of the shares of NVDR are owned by the Stock Exchange of Thailand.

DISCLAIMER: We don't provide any investment advice.