Thailand is embracing the crypto industry and striving to integrate its financial systems into digital finance. Following the crypto adoption trend, Kasikorn, the giant banking network of Thailand has purchased the majority of the stake in the Satang cryptocurrency exchange worth $103 million.
Satang, the prominent cryptocurrency exchange has been working in Thailand since 2017 and has registered users in millions. Recently, Kasikorn Bank of Thailand has purchased 97% shares in the Satang cryptocurrency exchange’s parent company.
Satang Crypto Exchange to Rebrand as Orbix
Resources disclose that this deal has the worth value of $102.8 million (3.705 billion THB). This deal was triggered by Kasikorn Bank aka K-Bank’s new subsidiary which has a mandate to invest in cryptoindustry named ‘Unite Capital’.
It is reported that after the deal is closed, Satang exchange will be rebranded as Orbix. Moreover, the newly developed firm will have three further subsidiaries i.e., Orbix Technology, Orbix Invest and Orbix Custodian. Orbix technology will be devoted to the development of blockchain technology, Orbix Custodian and Orbix Invest will be used as crypto assets funds management platforms for the customers.
Thailand’s Rising Interest in Crypto Industry
This exclusive news spread in the market after a month, as before this purchase K-Bank invested $100 million in Artificial Intelligence (AI), fintech and web3. Moreover, SCB (Siam Commercial Bank), the rival bank of Kasikorn is also paving the way into the crypto and web3 space.
Udomask Rakwongwan, a financial expert, and Kesetsart University professor shared his views with the media regarding the growing interest of Thailand in the cryptoindustry. Rakwongwan is also the founder of FWX.Finance and K-bank’s investor. He shared with the media that, K-Bank has recently got the license for crypto exchange and is pursuing other crypto-related licenses.
Along with K-Bank and SCB’s growing interest in crypto interest, Thai energy company Gulf collaborates with Binance via the Gulf Innova fund. The Thai energy giant is focused on introducing a regulated local version of the exchange
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