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Thai bank buys stake in crypto exchange

Thai bank buys stake in crypto exchange

Thailand's second-largest bank has acquired a 97% stake in a company that runs a crypto exchange.

Kasikorn Bank, also known as K-Bank, spent $102m to acquite its stake in the Satang crypto exchange, which will now be rebranded as Orbix.

The newly rebranded entity will also include three digital assets subsidiaries - Orbix Custodian, Orbix Invest (a digital assets fund manager) and Orbix Technology (a blockchain technology developer).

The acquisitions are part of K-Bank's accelerating plans to develop a digital assets capability. K-Bank has publicly stated that it intends to have a 20% share of Thailand's crypto market by the end of 2024.

The bank's activity to date includes the obtainment of a crypto exchange licence, the pursuit of other licences related to digital assets and the launch of a $100m fund dedicated to Web3 investments. 


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