Thailand's Kasikorn Bank (K-Bank) has recently acquired a 97% stake in the parent company of local cryptocurrency exchange Satang, thereby expanding its influence in the digital asset sector.。The deal is valued at 37.05 billion baht (about 1.$02.8 billion)。

Occupy Thailand Cryptocurrency Market

Satang has been operating in the country as a cryptocurrency exchange since 2017 and offers a range of services including custody, pegging and cryptocurrency payments.。However, the data shows that in the past 24 hours, the spot trading volume of the exchange seems to be much less, about 430,000 US dollars。

K-Bank made the acquisition through its subsidiary called Unita Capital, which was established to invest in cryptocurrency companies.。In addition, the Thai bank has launched a $100 million investment fund focused on Web3, fintech and artificial intelligence.。In addition, K-Bank revealed in a statement that it intends to occupy 20% of the Thai cryptocurrency market by 2024.。

Upon completion of the acquisition, Satang will change its name to Orbix and will add three subsidiaries: Orbix Custodian, Orbix Invest (digital asset fund management company) and blockchain technology developer Orbix Technology。

Thai Bank Supports Cryptocurrency

Thailand's Cryptocurrency Market Has Strong Support From Traditional Financial Institutions。K-Bank's rival, Siam Commercial Bank (SCB), is also investing in the cryptocurrency space.。In addition, SCB agreed to acquire Bitkub, Thailand's largest cryptocurrency exchange, which has a daily trading volume of $22.3 million, but cancelled the transaction last year on the grounds that regulatory issues were not resolved.。Thai regulator sends multiple notices to Bitkub and imposes hefty fines。

Meanwhile, Thai authorities are tightening operating rules for cryptocurrency exchanges。Earlier this year, Thailand banned cryptocurrency lending services and mandated disclosure of risks when offering cryptocurrency transactions and all promotions.。