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.
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.