Thailand’s Kasikornbank has acquired 97% of the parent company of crypto trading platform Satang

On October 30th, Thai Kasikornbank (K-Bank) announced that it has acquired 97% of the shares of Satang, a Thai cryptocurrency trading platform, and Satang will be renamed Orbix. According to a document, the transaction is valued at THB 3.705 billion (approximately USD 102.8 million) and was completed through a new subsidiary of K-Bank called Unita Capital, whose mission is to invest in digital asset companies. The new company will add three subsidiaries: Orbix Custodian, Orbix Invest (digital asset fund management company), and Orbix Technology (blockchain">blockchain technology developer). Satang has been operating in Thailand since 2017.