- Kasikorn Bank’s acquisition of a majority stake in Satang crypto exchange paves the way for growth and innovation in Thailand’s crypto sector.
- The deal, valued at 3.705 billion Thai baht, establishes K-Bank’s presence in the digital assets space through its subsidiary, Unita Capital.
- Satang crypto exchange will undergo rebranding as Orbix and introduce new subsidiaries to enhance its services in storage, investment, and blockchain technology.
In a groundbreaking move, Kasikorn Bank, popularly known as K-Bank, has acquired a 97% stake in the parent company of Satang crypto exchange, a prominent player in the Thai crypto market since 2017. This strategic acquisition marks a significant milestone for K-Bank and sets the stage for a new era of growth and innovation in Thailand’s cryptocurrency sector.
A Transformational Deal
The deal, valued at an impressive 3.705 billion Thai baht ($102.8 million), was executed through a newly established K-Bank subsidiary called Unita Capital. Unita Capital, with a specific focus on investing in digital assets companies, aims to drive K-Bank’s expansion in the digital assets space while capitalizing on the immense potential of the crypto market.
Introducing Orbix: A Rebranded Future
Following the completion of the acquisition, Satang crypto exchange will undergo a comprehensive rebranding process and emerge as Orbix. This rebranding signifies a new chapter in the exchange’s journey, reflecting K-Bank’s commitment to innovation and customer-centric services. Alongside the rebranding, Orbix will introduce three additional subsidiaries to enhance its capabilities and broaden its service offerings:
- Orbix Custodian: A trusted custodian service that ensures the secure storage and management of digital assets.
- Orbix Invest: A digital asset fund manager, providing expert guidance and investment opportunities in the crypto space.
- Orbix Technology: A dedicated blockchain technology developer, driving advancements in the blockchain ecosystem.
K-Bank’s Strategic Expansion
The announcement of this acquisition comes on the heels of K-Bank’s recent launch of a $100 million fund aimed at supporting ventures in web3, fintech, and AI. This proactive approach demonstrates K-Bank’s commitment to staying at the forefront of technological advancements and embracing the transformative potential of emerging technologies.
Notably, K-Bank’s rival, Siam Commercial Bank (SCB), is also making significant strides in the web3 and crypto arena. By intensifying their efforts in the cryptocurrency sector, K-Bank is positioning itself alongside SCB, aiming to offer a comprehensive range of crypto services permitted in Thailand.
Thriving in a Supportive Market
Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, a company in which K-Bank has invested, emphasizes that K-Bank has recently secured a crypto exchange license and is actively pursuing remaining licenses in the Thai market. This highlights the bank’s commitment to regulatory compliance and its intention to operate within a robust legal framework.
The Thai market distinguishes itself with a high level of institutional support, providing a fertile ground for the crypto industry to flourish. In addition to SCB and K-Bank, Gulf, a prominent Thai energy giant, has formed a joint venture with Binance through its Gulf Innova fund. This collaboration aims to introduce a regulated, locally tailored version of the exchange, further fueling the competition among major players in Thailand’s cryptocurrency business.
Shifting Dynamics and Ambitious Goals
The entry of influential giants such as K-Bank and Gulf with their vast capital and influence is expected to reshape the dynamics of the Thai crypto industry. Smaller players in the field might face survival challenges as major players stake their claim and vie for dominance. The evolving landscape presents both opportunities and challenges for all participants in the market.
K-Bank, in a statement to local media, has expressed its ambitious goal of capturing a substantial 20% market share in Thailand’s crypto industry by 2024. With its strong financial backing, strategic acquisitions, and commitment to innovation, K-Bank is well-positioned to achieve this target and solidify its position as a key player in the Thai crypto market.
Conclusion
In conclusion, Kasikorn Bank’s acquisition of Satang crypto exchange positions them as a major player in Thailand’s crypto landscape. With a focus on innovation and comprehensive services, K-Bank aims to capture a significant market share. The entry of influential players and institutional support indicates a dynamic and competitive market. K-Bank’s ambitious goals and strategic vision make them a key driver in shaping the future of Thailand’s crypto industry.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
image source
