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Thailand Bank Buys Shares in Crypto Exchange! Thailand’s leading financial institution Kasikorn Bank announced it has acquired a 97% stake in the parent company of Satang crypto exchange, which has been operating in the country since 2017, for 103 million dollars. The deal was completed through Unita Capital, a new subsidiary of K-Bank, providing it with the authority to invest in digital asset companies.
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Following the agreement, Satang will become Orbix again as brand. Also, it will launch three more subsidiaries with this change: Orbix Custodian, Orbix Invest (a digital asset fund manager), and blockchain technology developer Orbix Technology.
This move by K-Bank comes at a time when digitization in the finance sector and interest in crypto assets are increasing. The Bank had decided to launch a 100 million dollar fund in the fields of web3, fintech, and artificial intelligence. Together with its competitor, Siam Commercial Bank (SCB), Thai energy giant Gulf is also preparing to launch a regulated, local crypto exchange in collaboration with Binance.
The fact that K-Bank recently obtained a crypto exchange license and has strong institutional support in the Thai market shows that it is intensifying its crypto efforts. Udomsak Rakwongwan, a professor at Kasetsart University and a founding partner of FWX.finance, where K-Bank invested, stated they are ready to offer all range of crypto services in Thailand and highlighted that the Thai market is in a privileged position with unique institutional support.
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