Kasikornbank Invests $102.8 mn in Satang
Thailand’s Kasikornbank (K-Bank), the fourth-largest banking institution by market capitalization, has acquired a majority stake in crypto exchange Satang through its digital asset entity, Unita Capital.
The bank has invested $102.8 million through its subsidiary, Unita Capital, marking its second-biggest initiative in the emerging technology sector.
Unita Capital has established three new subsidiaries: a crypto custody service called Orbix Custodian, a crypto fund management entity called Orbix Invest, and a blockchain infrastructure development firm called Orbix Technology & Innovation Company Limited.
This move is not an isolated incident within Thailand’s banking ecosystem, as competitors like Siam Commercial Bank (SCB) have also invested in the blockchain and cryptocurrency sector. SCB launched a $600 million joint venture fund and acquired a majority share in Bitkub, but faced regulatory hurdles.
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