Thai Banking Titan Kasikornbank Dives into Crypto with Satang Exchange Takeover and $100M Web3 Fund!
Kasikornbank’s Bold Leap into Crypto and Web3
Thailand’s second-largest commercial bank, Kasikornbank (KBank), has made a strategic leap. Following its September launch of a $100 million fund focused on Web3, fintech, and AI investments, KBank has now seized a 97% stake in the local cryptocurrency exchange Satang Corp, marking a significant push into the competitive crypto industry.
Satang Exchange Rebrands to Orbix
In this acquisition, Satang is valued at approximately 3.7 billion Thai Baht (around $102.8 million). The purchase was carried out through Unita Capital, a newly established digital asset investment subsidiary of Kasikornbank. Following the deal, Satang Exchange will rebrand to Orbix, adding three subsidiaries: Orbix Custodian, digital asset fund manager Orbix Invest, and blockchain developer Orbix Technology.
Kasikornbank’s Crypto Ambitions: A Rivalry with SCB?
Udomsak Rakwongwan, Co-founder of the decentralized finance platform FWX.finance, backed by KBank, comments on this move: “KBank is strengthening its position in the crypto sector, aiming to compete with SCB (Siam Commercial Bank) by providing compliant, comprehensive crypto services.”
Additionally, Rakwongwan notes that Kasikornbank recently obtained a cryptocurrency trading license and is actively pursuing other crypto licenses in Thailand.
Satang Exchange’s Current Standing
As per CoinMarketCap, Satang currently ranks around 150th in exchange listings, with a 24-hour trading volume of about $660,000. While not a major player yet, the backing of a traditional bank could significantly boost its influence, making it a development worth watching.
Kasikornbank’s $100 Million Bet on Web3 and AI
According to CoinDesk, Kasikornbank launched a $100 million fund in September targeting startups in AI, Web3, and fintech. The Managing Director of Kasikorn X Venture Capital highlighted that AI, Web3, and deep tech resonate with the current wave of technological disruption and require real market adoption, with the Asia-Pacific region offering substantial support.
Keywords: Kasikornbank, Cryptocurrency Exchange, Satang, Web3 Fund, AI Investments, Fintech, Unita Capital, Orbix, Blockchain Technology, Digital Asset Management, Thailand Banking Sector, Crypto Trading License, Financial Technology, CoinMarketCap, Kasikorn X Venture Capital
