Thailand’s second-largest bank, Kasikornbank, has announced today that it is acquiring 97% of shares in a local crypto exchange through a subsidiary. Indeed, a letter filed today shows the KBank acquisition, which is set to diversify its offerings and grow its crypto business.
The bank acquired the Stanag Corporation crypto exchange and is expected to receive a rebrand upon finalization. Specifically, KBnak has planned to change the name to Orbix Trade Co. Ltd., according to the filing. Conversely, the acquisition was achieved through the subsidiary Unita Captial.
Thailand’s KBank Acquires 97% of Shares in Crypto Exchange
The year has certainly been an important one for the digital asset sector. Specifically, it has seen countries and businesses solidify their stance on the growing relevance of the industry. Subsequently, we have seen regulation develop across the globe, and a host of businesses seek an expanded point of entry.
Now, the latter has come to fruition yet again. Specifically, Thailand’s second-largest bank has acquired a local crypto exchange. Indeed, Kasikornbank, known as KBank, has acquired 97% of shares in the country’s Satang Corporation. Additionally, the move sees KBank seek to grow its presence in the digital asset sector.
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The filing states that the acquisition occurred through Unita Capital, which is a subsidiary of KBank. Moreover, the filing notes a registered capital of 3.7 billion Baht, which equates to more than $102 million. Additionally, Unita Captial has instituted three different subsidiaries: Orbix Custodian, Orbix Invest, and Orbix Technology. Therefore, the filing shows these entities in place for digital asset management, custody, and development.
The acquisition comes after KBank had previously announced a $100 million Web3 and AI investment fund last month. Indeed, that KXVC fund was put in place by the bank’s technology facet, Kasikorn Business Technology Group.