{"id":78331,"date":"2023-10-30T03:00:58","date_gmt":"2023-10-30T07:00:58","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/thailands-k-bank-acquires-97-stake-in-satang-crypto-exchanges-parent-firm\/"},"modified":"2023-10-30T03:01:02","modified_gmt":"2023-10-30T07:01:02","slug":"thailands-k-bank-acquires-97-stake-in-satang-crypto-exchanges-parent-firm","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78331","title":{"rendered":"Thailand&#8217;s K-Bank Acquires 97% Stake in Satang Crypto Exchange&#8217;s Parent Firm"},"content":{"rendered":"<div>\n<figure id=\"attachment_122453\" aria-describedby=\"caption-attachment-122453\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-122453\" class=\"wp-caption-text\">Source: Pexels<\/figcaption><\/figure>\n<p>Thailand\u2019s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange.<\/p>\n<p>This strategic acquisition comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand\u2019s regulatory framework.\n<\/p>\n<h2>K-Bank Acquires Majority Stake for $102 Million<\/h2>\n<p>\nThe deal, valued at 3.705 billion Thai baht (approximately $102.8 million), was executed through a newly established K-Bank subsidiary known as Unita Capital, Thailand Posts reported.<\/p>\n<p>Unita Capital holds a specific mandate to invest in digital assets companies, aligning with K-Bank\u2019s commitment to expanding its presence in the digital asset and cryptocurrency market.<\/p>\n<p>Once the transaction concludes, Satang will undergo a rebranding process, emerging as Orbix.<\/p>\n<p>This transformation signifies a broader shift in K-Bank\u2019s digital strategy, as Orbix will encompass three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.\n<\/p>\n<h2>Thai Bank Launched $100 Million Fund Dedicated to Web3 Investments<\/h2>\n<p>\nBank\u2019s venture into the crypto sector comes on the heels of the bank\u2019s recent launch of a $100 million fund dedicated to investments in web3, fintech, and artificial intelligence.<\/p>\n<p>Notably, K-Bank\u2019s rival, Siam Commercial Bank (SCB), has also been actively pursuing opportunities in the web3 and cryptocurrency domains, indicating the growing importance of these areas in the Thai financial landscape.<\/p>\n<p>Udomsak Rakwongwan, a professor at Kasetsart University and co-founder of FWX.finance, a company in which K-Bank has invested, expressed that K-Bank has obtained a crypto exchange license and is actively pursuing additional licenses for crypto-related activities in Thailand.<\/p>\n<p>Rakwongwan highlighted the distinctive nature of the Thai market, which enjoys substantial institutional support and presents a unique set of opportunities in the crypto and digital asset sphere.<\/p>\n<p>Earlier, Thailand\u2019s energy giant, Gulf, joined forces with Binance through its Gulf Innova fund to establish a regulated, local version of the exchange in the Thai market.<\/p>\n<p>In a statement to local media, K-Bank revealed its ambition to capture a 20% share of the crypto market in Thailand by 2024.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/thailand-kbank-acquires-97-stake-in-satang-tech.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pexels Thailand\u2019s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established Satang crypto exchange. This strategic acquisition comes as K-Bank intensifies its efforts in the cryptocurrency sector, aiming to offer a comprehensive range of crypto services that comply with Thailand\u2019s regulatory framework. K-Bank [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-78331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Thailand&#039;s K-Bank Acquires 97% Stake in Satang Crypto Exchange&#039;s Parent Firm | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pexels Thailand\u2019s second-largest bank, Kasikorn Bank, widely known as K-Bank, has acquired a 97% stake in the parent company of the established\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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