Thailand’s KBank to Acquire 97% Stake in Crypto Exchange Satang
Kasikornbank is the second biggest bank provider in Thailand. The firm recently announced that it purchased a major exchange platform named Satang. According to the official announcement, KBank has become the majority stakeholder in Satang.
The company noted that it purchased around 97% shares of virtual currency trading platform. The official notification regarding the acquisition was posted on the official website of Thai stock exchange SET on 30th October.
KBank’s Interest in Crypto Industry
KBank confirmed that this venture is currently valued at 3.7 billion Thai bhat or $103 million. The transaction of the acquisition was processed through a new subsidiary firm of KBank called Unita Capital. The firm is currently focused on investing more capital in digital asset industry.
Meanwhile, Satang Corporation is working on changing its name to Orbix Trade Company Ltd. It is important to note that KBank will establish three divisions. First is a custodial platform called Orbix Custodian, second is venture firm named Orbix Invest, and third is Orbix Tech working on blockchain tech.
Satang Launches New Crypto Services
Satang is one of the top cryptocurrency trading platforms operating in Thailand. Poramin Insom, the founder of Satam, introduced a unique feature named FIRO, a privacy-based cryptocurrency that was formerly known as Zcoin.
Insom posted a recent update on 30th October and confirmed the acquisition. He noted that he has been working on Satang since 2017 and since than it has been 6 years. He claimed that the trading board of Satang is excited about the recent news and working on making a formal announcement shortly.
Furthermore, he introduced other firms working within the blockchain sector such as Satang Technology and Satang Space. He claimed that he would continue to develop the project without being affected.
On this account, he mentioned that corporate consumers of Satang should not be shocked about the upcoming service changes lined up to take place in the future. The development was followed shortly of KBank dedicating $100 million funds into Web 3.0. This bank has been reported as the second largest lender in terms of AUM followed by Bank of Bangkok.
Thailand Appoints Crypto-Friendly Prime Minister
The new Prime Minister of Thailand, Srettha Thavisin, was appointed as the elected government official earlier this year in August. The PM promised a possible airdrop of 10,000 THB coins shortly during his victory speech.
Srettha is the CEO of real estate development firm named Sansiri that invsted a considerable capital in the virtual currency sector. In 2021, the PM acquired 15% stake in Thai digital asset services provider named XSpring.
XSpring runs a crypto brokerage firm in association with Krungthai Bank and regulated ICO platform. Srettha, launched the ‘SiriHub Token’ on XSpring on the Sansiri platform.
SiriHub allowed investors to collect dividend income issued by Sansiri Campus, an important project underdevelopment at the Sansiri. Srettha’s election campaign promised the supporters an airdrop that will grant every Thai citizen 10,000 Thai bhat or $300.
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