Bangkok, Thailand — Kasikornbank (KBank), the country’s second-largest lender by assets, has taken a significant step into the cryptocurrency market through the acquisition of a 97% stake in the local crypto exchange, Satang. This strategic move, facilitated by KBank’s digital asset investment subsidiary, Unita Capital, carries a valuation of 3.7 billion Thai baht, equivalent to $103 million.
Following this acquisition, Satang is set to undergo a rebranding process and will now be known as “Orbix Trade Company Limited.” The transformed entity will be structured into three distinct divisions: Orbix Custodian, serving as a secure custody platform; Orbix Invest, functioning as a venture arm; and Orbix Technology, which will be dedicated to blockchain development.
Poramin Insom, the founder of Satang and the mind behind Firo, a privacy-focused cryptocurrency, has officially confirmed this acquisition. Besides its primary crypto exchange operations, Satang manages subsidiary businesses such as Satang Technology, which offers blockchain-related services, and Satang Space, engaged in space-related ventures.
Kasikornbank’s move into the crypto sector closely follows its recent launch of a $100 million fund designed to fuel investments in emerging sectors like Web3, fintech, and artificial intelligence. The majority stake in KBank is held by Thai NVDR Company Limited, while the Stock Exchange of Thailand owns most of the NVDR shares.
