Kasikorn Bank snaps up 97% stake in cryptocurrency exchange Satang for $103m

Kasikorn Bank (K-Bank), Thailand’s fourth largest bank, acquires a 97% stake in Satang Corporation, the parent company of cryptocurrency exchange Satang, for $102.8 million.
The acquisition is made through K-Bank’s subsidiary, Unita Capital, which focuses on digital asset investments.
Satang Corporation will be rebranded as Orbix Trade Company after the completion of the deal and will be divided into three subsidiaries: Orbix Technology and Innovation, Orbix Invest, and Orbix Custodian.
Orbix Invest and Orbix Custodian are in the process of requesting business licenses.
Satang is the oldest regulated cryptocurrency exchange in Thailand, offering various blockchain and digital asset services since 2017.
For K-Bank, this acquisition enhances its ability to provide cryptocurrency services, expanding its range of personal, corporate, and wealth management offerings.
K-Bank previously contributed to the development of the Bank of Thailand’s blockchain-based platform for government savings bonds and established the Kasikorn X Venture Capital fund to invest in Web3, deep tech, and AI start-ups in the APAC region.