Kasikorn Bank (KBank), Thailand's fourth largest commercial bank, announced that it has acquired a 97% stake in Satang Corporation Co. Ltd., a digital asset exchange company.
The purchase of Satang Corporation's shares was made through Kasikorn Bank's subsidiary, Unita Capital, and is an important step for the bank's cryptocurrency business. Kasikorn Bank believes that the cryptocurrency market in Thailand and the ASEAN region has high development potential.
The transaction value was THB 3.7 billion ($102.8 million). In addition, a letter filed by Kasikorn Bank with the Stock Exchange of Thailand reports that upon completion of the transaction, Satang Corporation will change its name to Orbix Trade Co. Ltd.
Established in 2017, Satang Corporation is a leading provider of digital asset exchange services in Thailand. It has a client base of over 1 million.
Kasikorn Bank also shared its future plans, stating that the bank intends to have a 20% share of the cryptocurrency market in Thailand by 2024.
Notably, the deal shows that Thai commercial banks are starting to pay more attention to the cryptocurrency market amid the growing demand for digital assets in Thailand and the ASEAN region.
Further reading: Binance launches BNB SafeWallet.
