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Thailand’s Kasikornbank — one of the largest banks in the country — is moving into the cryptocurrency industry by acquiring a majority stake in the local crypto exchange Satang.

Kasikornbank, also known as KBank, acquired 97% of shares in the operator of Thailand’s Satang crypto exchange, according to an announcement published on Oct. 30 on the website of the Stock Exchange of Thailand (SET).

According to Kasikornbank, the acquisition is valued at 3.7 billion Thai baht ($103 million). The transaction is being made through KBank’s new subsidiary, Unita Capital, which is focused on investment in the digital asset industry, the statement notes.

Following the acquisition, Satang Corporation is set to change its name to Orbix Trade Company Limited. Kasikornbank’s crypto business will have three divisions: the custody platform Orbix Custodian, the venture arm Orbix Invest and Orbix Technology, a blockchain technology developer.

Satang is a major cryptocurrency business in Thailand, operating a crypto exchange and other digital asset services. Satang’s founder, Poramin Insom, is known for launching the privacy-focused cryptocurrency Firo (FIRO), formerly known as Zcoin.

Insom took to Facebook on Oct. 30 to confirm the acquisition by Kasikornbank. “I’ve been at Satang since 2017 until now, six years have passed,” Insom said, adding:

“Currently, Satang on the trading board has already exited according to the news. And there should be an official announcement soon.”

He also mentioned that Satang’s other companies include the blockchain service platform Satang Technology and space-related Satang Space.

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“I still continue to do it without being affected. So I reported here. In case Satang’s corporate customers are shocked at what the existing services will be like in the future,” the Satang CEO noted.

The announcement comes shortly after KBank launched a $100 million fund targeting Web3, fintech and artificial intelligence in September 2023. The bank is reportedly Thailand’s second-largest lender by assets, following Bangkok Bank. According to data from the SET, Thai NVDR Company Limited is the largest shareholder of KBank. The Stock Exchange of Thailand owns 99.9% of NVDR’s shares.

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