One of Thailand’s largest banks, Kasikornbank (KBank), has acquired a local crypto exchange, Satang, according to a regulatory filing. It plans to rebrand it to Orbix Trade. Additionally, it has set up Orbix branded subsidiaries for custody and investment.
In related news, last month the bank created a $100 million fund to invest in AI, web3 and tech startups.
KBank is not alone in its interest in crypto exchanges. Two years ago, Siam Commercial Bank (SCB) signed a $537 million deal to buy 51% of Thailand’s largest crypto exchange, Bitkub. However, the deal fell through in August last year because Thailand’s securities regulator wanted the crypto exchange to address some regulatory issues.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
