Thailand’s KASIKORNBANK (KBank) has acquired a 97% stake within the mother or father agency of crypto alternate Satang for 3.705 billion Thai baht (US$102.8 million).
The financial institution intends to rename the crypto alternate to Orbix Commerce Firm, in response to a filing to the Inventory Trade of Thailand.
The acquisition was achieved through KBank’s subsidiary Unita Capital, an entity that invests in corporations working digital asset companies.
The funding comes only a month after KBank’s tech arm had launched a US$100 million fund focusing on AI, Web3.0, and deep tech fintech startups globally
Moreover, KBank had additionally arrange three subsidiaries to double down on digital property. The three new subsidiaries are; a digital asset custodian – Orbix Custodian; digital asset fund supervisor Orbix Make investments; and Orbix Expertise & Innovation which is able to concentrate on blockchain infrastructure growth.
The primary two entities are within the means of making use of for licenses to start their operations.
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