Last Updated on November 14, 2023
Quick take:
- K-Bank has acquired a majority stake in a local Crypto Exchange.
- The Thai banking institution paid $102.8 million for a 97% stake in the parent organisation of Satang Cryptocurrency Exchange.
- The deal was done through Kasikornbank’s new digital assets investment subsidiary Unita Capital.
Kasikornbank has acquired a majority stake in Satang, a local cryptocurrency exchange. The Thailand-based banking institution paid 3.705 billion Thai baht (US$102.8 million) for a 97% stake in Satang’s parent organisation.
According to the announcement, the deal was done through the K-Bank subsidiary, Unita Capital, the bank’s digital asset investment arm. Once the deal is completed, Satang will rebrand Orbix, which will be subdivided into three subsidiaries.
Orbix Custodian will focus on offering digital asset custody and solutions to the mainstream, while Orbix Invest will be the firm’s digital asset investment arm and fund manager. On the other hand, Orbix Technology will focus on the development of blockchain technology.
This announcement comes barely a month after Kasikornbank launched a $100 million fund to invest in Web3 and AI startups. The bank’s subsidiary SCBX also partnered with Korean Web3-focused venture capital firm Hashed to work on joint R&D initiatives aimed at fostering the adoption of decentralised technology regionally and globally.
As per 2022 financials, Kasikorn is Thailand’s second-largest bank by assets, with 1.5 trillion baht (US$41.6 billion) in assets under management. The company’s investment in digital assets and Web3 comes at a time when the Southeast Asia region is becoming a magnet for digital asset companies.
Earlier this month, crypto venture capital firm CMCC Global raised $100 million to invest in early-stage blockchain start-ups with a focus on Hong Kong.
All these fundraisings for APAC-based companies come at a time when the funding for web3 startups is in decline according to a report by TechCrunch.
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