Thailand’s Kasikorn Bank, commonly known as KBank, has made a significant move in the crypto business by acquiring a 97% stake in Satang Corporation, the parent company of the Satang cryptocurrency exchange. This strategic acquisition solidifies KBank’s presence in the cryptocurrency sector and showcases its commitment to expanding its foothold in the growing market in Thailand. The acquisition, valued at $102.8 million, marks KBank’s determination to capture a substantial share of the crypto market in the country.
The newly formed company, Orbix Trade, will operate the cryptocurrency exchange and establish subsidiaries for custodian services, digital asset fund management, and blockchain technology development. KBank’s ambitious target is to secure 20% of the cryptocurrency market share in Thailand by the year 2024, demonstrating its aspiration to become a major player in the crypto industry.
Key Takeaways:
- KBank, one of Thailand’s leading banking giants, has acquired a 97% stake in Satang Corporation for $102.8 million.
- The acquisition solidifies KBank’s presence in the crypto business and showcases its commitment to capturing a significant share of the market in Thailand.
- The newly formed company, Orbix Trade, will operate a cryptocurrency exchange and establish subsidiaries for custodian services, digital asset fund management, and blockchain technology development.
- KBank aims to capture 20% of the cryptocurrency market share in Thailand by 2024, highlighting its ambitious expansion plans in the evolving digital asset landscape.
KBank’s Strategic Move in the Crypto Sector
Thailand’s Kasikorn Bank, also known as KBank, has made a strategic move in the crypto sector with its recent acquisition of Satang Corporation. This acquisition solidifies KBank’s presence in the cryptocurrency market and demonstrates its commitment to expanding its foothold in the industry.
In line with its focus on investments in web3, fintech, and artificial intelligence, KBank has created a subsidiary called Unita Capital for investments in digital asset companies. This move highlights the bank’s forward-thinking approach to staying competitive in the rapidly evolving digital landscape.
The newly formed company resulting from the acquisition, which will be rebranded as Orbix Trade, will offer exchange services and establish three key subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology. These subsidiaries will provide custodian services, fund management, and blockchain technology development, respectively. This strategic expansion allows KBank to offer a comprehensive range of services to its customers and position itself as a major player in the crypto sector in Thailand.
As part of its growth plans, KBank has also secured a crypto exchange license in Thailand and is actively seeking other necessary licenses to comply with local laws and regulations. By doing so, the bank aims to provide a wide array of crypto-related services to its customers and maintain its market dominance in the country. With its strong focus on custodian services, fund management, and blockchain technology development, KBank is well-positioned to capitalize on the opportunities presented by the growing demand for digital assets in Thailand.
Expansion Plans and Market Dominance Goals
As KBank solidifies its presence in the cryptocurrency sector through the acquisition of Satang Pro, the bank sets ambitious goals to capture a significant share of the market in Thailand. With the rebranding of Satang Pro as Orbix, KBank intends to position itself as a major player in the evolving digital asset landscape.
Under the Orbix umbrella, three key units will be established: Orbix Custodian, Orbix Invest, and Orbix Technology. These units will focus on digital asset trading services, investment management, and blockchain infrastructure development respectively. By offering a comprehensive range of crypto-related services, KBank aims to meet the diverse needs of the growing crypto community in Thailand.
In line with its expansion plans, KBank has already secured a crypto exchange license in Thailand and is actively pursuing other necessary licenses to expand its crypto-related offerings in compliance with local laws. This demonstrates KBank’s commitment to providing reliable and compliant services to its customers in the digital asset space.
As the Thai crypto sector becomes increasingly competitive, KBank’s strategic move in acquiring Satang Pro and establishing Orbix Trade puts the bank in a favorable position to achieve its market dominance goals. By leveraging its expertise in banking and finance, KBank is poised to become a key player in digital asset trading, investment management, and blockchain infrastructure development.
