- Upon completion of the transaction, Satang will change its name to Orbix.
- K-Bank recently obtained a license to operate as a crypto exchange in Thailand.
Kasikorn Bank, popularly known as K-Bank, in Thailand announced that it has bought 97% of the parent business of Satang, a cryptocurrency exchange that has been active in the nation since 2017.
Upon completion of the transaction, Satang will change its name to Orbix. Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology (a blockchain technology developer) will all operate as wholly-owned subsidiaries of the new firm.
Eyeing Entire Range of Services
Moreover, the transaction was completed via a new K-Bank subsidiary named Unita Capital, which has a mission to invest in digital assets firms, and was valued at 3.705 billion Thai baht ($102.8 million), as stated in a filing.
K-Bank has announced a $100 million fund dedicated to web3, fintech, and AI. Siam Commercial Bank (SCB), a competitor of K-Bank, is likewise expanding rapidly into web3 and cryptocurrency. Also, the bank is doubling down on its cryptocurrency initiatives and is eager to provide the entire range of crypto services that are legal in Thailand.
Moreover, K-Bank recently obtained a license to operate as a cryptocurrency exchange and is proactively seeking additional licenses in Thailand. In addition, the Thai market stands out because of the exceptional institutional backing it has.
The planned digital wallet program in Thailand, which intends to pay out 10,000 baht (approx. $274) to eligible people above the age of 16, has been delayed, and critics have asked for an inquiry by the country’s electoral authority.
This came after Thailand’s deputy finance minister, Julapun Amornvivat, said that the launch of a new digital wallet will be pushed back from its original date of February 2024.
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