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Kasikorn Bank has acquired 97% of the parent company of Satang Corporation Co. Ltd., one of Thailand's crypto exchanges. The deal is valued at 3.705 billion Thai baht ($102.8 million) and was completed on October 27. Satang will rebrand to Orbix, and the new entity will operate in the areas of digital asset fund management, technology development, and hedging.
Kasikorn Bank had focused on Web3, fintech, and artificial intelligence development with $100 million in funding, this acquisition serves that goal. They aim to offer a comprehensive range of crypto services authorized in Thailand. This step reflects Thailand's positive approach to the crypto sector.
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