Thailand’s second-largest bank, Kasikorn Bank (K-Bank), has acquired a 97% stake in the Satang crypto exchange for $102 million, which will now be rebranded as Orbix. The newly named entity will encompass three digital asset subsidiaries: Orbix Custodian, Orbix Invest (a digital assets fund manager), and Orbix Technology (a blockchain technology developer).
This acquisition aligns with K-Bank’s ambitious plans to enhance its digital assets capabilities. The bank aims to capture a 20% share of Thailand’s crypto market by the end of 2024. K-Bank’s recent initiatives include obtaining a crypto exchange license, pursuing additional licenses related to digital assets, and launching a $100 million fund focused on Web3 investments.