Thailand’s Kasikorn Bank, also known as K-Bank, said it has acquired 97% shares in the parent company of Satang crypto exchange, which has operated in the country since 2017. According to a filing, the deal has a valuation of 3.705 billion Thai baht ($102.8 million) and was done via a new K-Bank subsidiary called Unita Capital, which has a mandate to invest in digital assets companies. Once the deal closes, Satang will be re-branded to Orbix. The new company will also have three additional subsidiaries. The announcement comes a month after K-Bank launched a $100 million fund targeting web3, fintech, and AI. K-Bank’s rival, Siam Commercial Bank (SCB), is also making aggressive moves into web3 and crypto.
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