Kasikorn Bank (KBANK) has acquired a 97% stake in Satang Corporation Company Limited, a prominent digital asset exchange service provider in Thailand. Following the completion of the acquisition, Satang Corporation will rebrand as Orbix Trade Company Limited, according to the Siam Blockchain report.
This strategic acquisition marks Kasikorn Bank's significant entry into the cryptocurrency market, reflecting its recognition of the high growth potential of the crypto sector in Thailand and the broader ASEAN region.
Satang Corporation, established in 2017, boasts a customer base exceeding one million and offers trading services for over 45 digital assets. The formation of Orbix Trade, combining the strengths of Kasikorn Bank and Satang Corporation, aims to provide comprehensive services catering to the diverse needs of customers.
Kasikorn Bank has set an ambitious goal of capturing 20% of Thailand's cryptocurrency market share by 2024. The move demonstrates the increasing attention of Thai commercial banks to the crypto industry and is expected to play a pivotal role in shaping the cryptocurrency landscape in Thailand and the ASEAN region.
This acquisition is poised to enhance Kasikorn Bank's presence in the cryptocurrency sector, leveraging the customer base and expertise of Satang Corporation.