KBank disclosed that it obtained the local exchange via a subsidiary in a stock exchange filing.
The purchase of a local cryptocurrency exchange through a subsidiary was disclosed today by Kasikornbank, which is the second-largest bank in Thailand based on assets.
Kasikornbank, or KBank, said today that it has purchased 97% of the shares of Satang Corporation Co. in a letter submitted to the Stock Exchange of Thailand. Ltd. established October 27, which runs a digital asset exchange. Satang is going to be renamed as Orbix Trade Co. by KBank. Ltd., the document stated.
According to the filing, the transaction was carried out by Unita Capital, a wholly-owned subsidiary of KBank with $102.8 million in registered capital, or 3.7 billion Baht.
Three subsidiaries, Orbix Custodian, Orbix Invest, and Orbix Technology & Innovation Co., have also been established by Unita Capital. Ltd.—for its fund management, blockchain infrastructure development, and digital asset custodian companies, according to the filing.
KBank’s goal for Web3
KBank revealed last month that it will invest $100 million in web3 and AI firms. The fund was established by Kasikorn Business Technology Group, the IT division of KBank. It was named KXVC.
According to KBank, the fund will target deep tech, web3, AI, and fintech firms worldwide, with a possible emphasis on Asia Pacific.
