Thailand’s second-largest lender by belongings, Kasikornbank (KBank), has made a major entry into the cryptocurrency market with the acquisition of a 97% stake in native crypto change Satang. The deal, carried out via KBank’s digital asset funding subsidiary, Unita Capital, was valued at 3.7 billion Thai baht ($103 million).

Following this acquisition, Satang will endure a rebranding and can now be often called Orbix Commerce Firm Restricted. The corporate might be cut up into three divisions: Orbix Custodian, a safe custody platform; Orbix Make investments, a enterprise arm; and Orbix Expertise for blockchain growth.

The founding father of Satang and creator of Firo, a privacy-focused cryptocurrency, Poramin Insom confirmed the acquisition. Along with its core crypto change companies, Satang runs companies resembling Satang Expertise which offers blockchain companies and Satang Area, which is concerned in space-related enterprise.

This acquisition comes on the heels of KBank’s current launch of a $100 million fund aimed toward investments in Web3, fintech, and AI sectors. Thai NVDR Firm Restricted holds the bulk stake in KBank, with the Inventory Alternate of Thailand proudly owning most NVDR shares.

This text was generated with the help of AI and reviewed by an editor. For extra info see our T&C.