Thailand’s fourth-largest bank invests $103m in local crypto exchange
Kasikornbank has acquired $103 million worth of shares of the Satang crypto exchange through its subsidiary Unita Capital. Thailand’s financial giant Kasikornbank (KBank) has bought 97% shares of the local crypto exchange dubbed Satang Pro, Thai newspaper Bangkok Biz News reports. In a regulatory filing, the bank said it had acquired 3.705 billion Thai baht (nearly $103 million) worth of shares in Satang’s parent company through Unita Capital, a subsidiary of KBank. Once the deal is done, KBank will rebrand Satang into Orbix as well as establish new arms, Orbix Custodian, Orbix Invest, and Orbix Technology, in a bid to expand crypto -related services in Thailand. You might also like: Thailand delays $15b crypto giveaway citing security concerns Established in 2017, Satang Pro is one of the few crypto exchanges in Thailand regulated by the Securities and Exchange Commission. In 2022, Thailand’s financial watchdog issued civil sanctions against Satang ...