- Kasikorn Financial institution has acquired a 97% stake in Thailand-based cryptocurrency change Satang.
- The financial institution’s deal is reportedly value 3.705 billion Thai baht ($102.8 million).
- Satang will rebrand to Orbix.
Kasikorn Financial institution, Thailand’s second largest financial institution, has reportedly acquired a 97% stake in Satang crypto change. The deal was accomplished by way of Kasikorn Financial institution’s subsidiary Unita Capital and concerned 3.705 billion Thai baht ($102.8 million) value of shares in Satang’s mum or dad firm.
Wu Blockchain highlighted the crypto news in a submit on X on Monday, citing CoinDesk.
Thailand’s second greatest financial institution Kasikorn Financial institution has acquired 97% shares within the mum or dad firm of Satang crypto change. The deal has a valuation of three.705 billion Thai baht ($102.8 million). Ok-Financial institution lately secured a crypto change license and launched a $100 million fund focusing on…
— Wu Blockchain (@WuBlockchain) October 30, 2023
Satang to rebrand to Orbix
The Satang Company, based in 2017 and one of many main digital asset exchanges in Thailand, presents buying and selling for greater than 45 cryptocurrencies. Particulars present that the platform’s buyer base is over 1 million.
Per an area media report revealed early Monday, the deal’s completion will see Satang re-brand to Orbix, with three subsidiaries specifically: Orbix Custodian, Orbix and Orbix Expertise.
Kasikorn, also referred to as Ok-Financial institution, lately acquired a crypto change operator license and has launched a $100 million fund for Web3, fintech, and synthetic intelligence (AI).
Ok-Financial institution’s transfer sees it be part of different main monetary giants in Thailand within the push into the crypto ecosystem. These embody Siam Business Financial institution (SCB) and Gulf, an area power behemoth that lately partnered with Binance to increase the worldwide crypto change’s providers within the nation.