{"id":63217,"date":"2023-10-31T15:11:39","date_gmt":"2023-10-31T19:11:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=63217"},"modified":"2023-10-31T15:11:42","modified_gmt":"2023-10-31T19:11:42","slug":"kasikorn-bank-buys-crypto-platform-satang-for-102-8-million","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kasikorn-bank-buys-crypto-platform-satang-for-102-8-million\/","title":{"rendered":"Kasikorn Bank Buys Crypto Platform Satang for $102.8 Million"},"content":{"rendered":"\n

Kasikorn Bank, one of Thailand\u2019s<\/a> largest banks, has bought a majority stake in Satang Corporation, a digital asset exchange and service provider, for $102.8 million.<\/p>\n\n\n\n

\"Kasikorn<\/figure>\n\n\n\n

Thailand\u2019s fourth-largest bank, Kasikorn Bank, has made a substantial move in the cryptocurrency realm, acquiring a 97% <\/strong>stake in Satang Corporation Company Limited for 3.705 billion Thai baht ($102.8 million)<\/strong> through its subsidiary Unita Capital. <\/p>\n\n\n\n

The acquisition \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>aims to fortify the bank\u2019s position in the digital asset market and to tap into the growing demand for crypto-related services in the country.<\/p>\n\n\n\n

Satang Corporation is one of the leading crypto platforms in Thailand, operating since 2014. It offers crypto trading, custody, and fund management services to both retail and institutional investors. <\/p>\n\n\n\n

It also operates Satang Pro, a licensed digital asset exchange that supports four cryptocurrencies: Bitcoin, Ethereum, Ripple, and Stellar.<\/strong><\/p>\n\n\n\n

Following the acquisition, Satang Corporation is set to be rebranded as Orbix Trade Company Limited. <\/p>\n\n\n\n

This strategic transformation is accompanied by the establishment of three additional subsidiaries: Orbix Custodian, Orbix Invest<\/strong> (a digital asset fund manager), and Orbix Technology, dedicated to blockchain development.<\/p>\n\n\n\n

According to Kasikorn Bank\u2019s president, Patchara Samalapa, the acquisition will enable the bank to tap into the growing demand for crypto-related services in Thailand and beyond. <\/p>\n\n\n\n

He said that the bank aims to capture 20%<\/strong> of the cryptocurrency market share in Thailand by 2024.<\/p>\n\n\n\n

While Kasikorn\u2019s stance on Bitcoin remains ambiguous, the institution recently introduced a $100 million fund<\/strong> to target investments in web3, fintech, and AI. <\/p>\n\n\n\n

In a parallel pursuit, Siam Commercial Bank (SCB) <\/a>is also making significant headway in the web3 and cryptocurrency space, aligning with Thailand\u2019s evolving regulatory landscape.<\/p>\n\n\n\n

SCB had earlier this year attempted a similar acquisition of a regional rival, though it was notably stalled over regulatory issues. <\/p>\n\n\n\n

Kasikorn Bank has set an ambitious goal to capture 20% of the cryptocurrency market share <\/use><\/svg><\/span><\/a>in Thailand by 2024, marking its commitment notable at a time when many global banks remain on the sector\u2019s sidelines.<\/p>\n\n\n\n

Despite challenges faced earlier in the year regarding regulatory hurdles in a similar acquisition attempt, Kasikorn Bank remains resolute in its mission to secure 20% of Thailand\u2019s cryptocurrency market share by 2024. <\/p>\n\n\n\n

The bank\u2019s assertive approach underscores its commitment to an industry that many global financial institutions are yet to fully embrace.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kasikorn Bank, one of Thailand\u2019s largest banks, has bought a majority stake in Satang Corporation, a digital asset exchange and service provider, for $102.8 million. Thailand\u2019s fourth-largest bank, Kasikorn Bank, has made a substantial move in the cryptocurrency realm, acquiring a 97% stake in Satang Corporation Company Limited for 3.705 billion Thai baht ($102.8 million) […]<\/p>\n","protected":false},"author":44,"featured_media":63239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[17015,17014,10961,2125],"class_list":["post-63217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-kasikorn-bank","tag-satang","tag-scb","tag-thailand"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/Crypto-KBank.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/63217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=63217"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/63217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/63239"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=63217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=63217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=63217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}