Thailand KBANK Buys Local Crypto Exchange
Kasikornbank takes a bold step into the crypto realm by acquiring a local digital asset exchange, paving the way for its ambitious Web3 ventures.
Kasikornbank, a leading bank in Thailand, has acquired a local crypto exchange via a subsidiary, as per an announcement made to the Stock Exchange of Thailand. The bank, also known as KBank, now owns 97% of Satang Corporation Co. Ltd, a crypto exchange, set to be rebranded as Orbix Trade Co. Ltd.
The acquisition, executed through Unita Capital, a fully-owned subsidiary of KBank, highlights the bank's notable stride into the crypto space. Unita Capital, having a registered capital of 3.7 billion Baht ($102.8 million), further established three subsidiaries—Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co. Ltd for managing digital assets, funds, and blockchain development respectively.
Last month, KBank unveiled a $100 million fund, KXVC, aimed at nurturing web3 and artificial intelligence startups, a move planned by its tech division, Kasikorn Business Technology Group. The fund is eyeing AI, web3, and deep tech fintech startups globally, with a probable emphasis on the Asia Pacific region, marking KBank's ambition in the evolving Web3 domain.
