Thai Bank Takes a Leap into Digital Assets with Acquisition of Local Crypto Exchange
Thailand's banking landscape witnessed a significant transformation as Kasikornbank, widely recognized as KBank, recently ventured into the digital assets arena by acquiring a local cryptocurrency exchange.
In a recent disclosure to the Thai Stock Exchange, KBank revealed its acquisition of a commanding 97% stake in Satang Corporation Co. Ltd. The purchased entity, Satang Corporation, is anticipated to undergo a rebranding and operate under the new name Orbix Trade Co. Ltd.
This acquisition maneuver was orchestrated through Unita Capital, a wholly-owned subsidiary of KBank with a considerable registered capital amounting to 3.7 billion Baht (equivalent to $102.8 million), as detailed in the official filing.
This groundbreaking step taken by KBank is a pivotal aspect of its overarching Web3 initiatives. The bank recently unveiled its plans to establish the KXVC, a substantial $100 million fund designated for investments in the burgeoning Web3 and artificial intelligence sectors.
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Concurrently, Thailand is rigorously tightening its regulatory framework concerning cryptocurrency trading, a move primarily aimed at fortifying tax revenues.
Meanwhile, Prime Minister Srettha Thavisin’s proposal to distribute 10,000 Baht in digital currencies to all Thai citizens has encountered a setback, with the distribution now anticipated to take place later in the first quarter of 2024.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
