Thailand’s Kasikorn Bank, commonly known as K-Bank, has made its presence felt in the cryptocurrency sector by acquiring a substantial 97% share in the parent company of the well-established Satang crypto exchange. This acquisition marks a notable step towards K-Bank’s commitment to crypto services in Thailand, positioning itself as a formidable player in this burgeoning market.
This strategic acquisition, valued at a substantial 3.705 billion Thai baht (equivalent to $102.8 million), was executed through K-Bank’s newly established subsidiary, Unita Capital. This subsidiary is specifically designed to invest in digital asset companies, reflecting K-Bank’s commitment to fostering growth in the digital financial sector. Once the acquisition is finalized, the rebranded company, Orbix, will not only mark a new chapter for Satang but will also usher in three additional subsidiaries: Orbix Custodian, Orbix Invest (a digital asset fund manager), and Orbix Technology, a blockchain technology developer.
The timing of this acquisition aligns with K-Bank’s broader strategy to intensify its presence in the cryptocurrency sector, bringing it into direct competition with rival Siam Commercial Bank (SCB). Both banks are racing to offer a comprehensive range of cryptocurrency services permitted within Thailand, recognizing the unique dynamics of this market, including significant institutional support.
Kasikorn Bank’s Regulatory Advancements and Thailand’s Growing Crypto Significance
K-Bank has recently secured a coveted crypto exchange license and is actively pursuing the remaining permits required for crypto operations in Thailand. The Thai market, characterized by substantial institutional backing, is drawing the attention of major players in the industry, further cementing Thailand’s position as a significant player in the global crypto landscape.
With Gulf, a Thai energy giant, entering into a joint venture with Binance through its Gulf Innova fund, the competition is set to intensify further. The entry of such prominent entities into the crypto business will likely shift the dynamics, posing challenges for smaller players in the field.
In a statement provided to local media, K-Bank has outlined its ambitious target to capture a substantial 20% share of the crypto market in Thailand by 2024, reflecting its strong commitment to expanding its footprint in this rapidly evolving sector.